Bitcoin fell below 40 000 USD, and we continue to maintain the bearish stance. Although, we would like to change our medium-term price target of 37 500 USD to a short-term price target. Additionally, we would like to set a new medium-term price target of 35 000 USD.

Technical analysis – daily time frame
RSI , MACD , and Stochastic are all bearish . The same applies to DM+ and DM-. ADX suggests that the momentum of the bearish trend started to increase again. Overall, the daily time frame is bearish and suggests further weakness in the short term for BTC .

Illustration 1.01

The fifty-day exponential moving average (blue line) indicates a bearish condition for BTCUSD .

Technical analysis – weekly time frame
RSI and MACD turned bearish from the prior neutrality. Stochastic continues to be bearish . DM+ and DM- show the prevalence of the bearish trend . Meanwhile, ADX started to increase, indicating that the bearish trend is regaining strength. Overall, the weekly time frame is bearish .

Please feel free to express your ideas and thoughts in the comment section.

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.