Today, Bitcoin took out the significant support level at 30 000 USD and stopped at a new low of 29 793.01 USD, which confirms the continuation of the downtrend. The market is reaching “panic selling mode” and therefore we remain bearish on BTCUSDT . Indeed, we would like to set a new price target for BTCUSD to 28 600 USD.

Technical analysis – daily time frame
RSI reached an oversold extreme; after that, a relief rally began. MACD , Stochastic , DM+, and DM- are all bearish . ADX increases, suggesting the trend is gaining further strength. Overall the daily time frame is bearish .

Technical analysis – weekly time frame
RSI , MACD , Stochastic , DM+, and DM- are all bearish . ADX started to increase recently. Overall, the weekly time frame is bearish .

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DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.