Bitcoin continues to exhibit choppy price action around the 40 000 USD price tag. However, that does not change our stance on it. We remain bearish with the short-term price target of 37 500 USD and medium-term price target of 35 000 USD.

Technical analysis – daily time frame
RSI is neutral. MACD and Stochastic are bearish ; however, MACD is trying to reverse to the upside. DM+ and DM- are bearish . ADX continues to increase, which signals that the bearish trend is gaining strength. Overall, the daily time frame is bearish .

Technical analysis – weekly time frame
RSI , MACD , and Stochastic are bearish . The same applies to DM+ and DM-. ADX contains relatively low value, which suggests the presence of a neutral trend. 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.