A few days later, we hinted at BTC eyeing 28 600 USD. Today, Bitcoin reached a new cyclical low and confirmed continuation of the downtrend. Indeed, Bitcoin entered what we previously named the “free-fall area” – an area with an absence of any significant support. In our opinion, Bitcoin will continue to move lower and mark new lows throughout the incoming weeks. Accordingly, we would like to set a new short-term price target for BTCUSD to 27 500 USD and a medium-term price target to 25 000 USD.
Illustration 1.01
Cryptocurrency market-cap continues to crash along with BTC .
Technical analysis – daily time frame
RSI reached an oversold condition and indicates an extremely strong downtrend. MACD and Stochastic are bearish . The same applies to DM+ and DM-. Overall, the daily time frame is extremely bearish .
Illustration 1.02
Stablecoin Luna also experiences a crash and foreshadows what is to come in other cryptocurrencies that have no other use than speculation.
Technical analysis – weekly time frame
RSI , MACD , and Stochastic are all bearish . DM+ and DM- are also bearish . 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.
