In tandem with our expectations, Bitcoin dropped lower. As a result, we continue to maintain a bearish stance. Our short-term price target remains at 35 000 USD; our medium-term price target is 32 500 USD (due to become a short-term price target once 35 000 USD is taken out).

Illustration 1.01

The bearish breakout illustrated above confirms our thesis.

Technical analysis – daily time frame
RSI , Stochastic , and MACD are bearish . DM+ and DM- also show bearish conditions in the market. ADX continues to increase. Overall, the daily time frame is bearish .

Technical analysis – weekly time frame
RSI , MACD , Stochastic , DM+ and DM- are bearish . ADX indicates that the bearish trend is relatively weak (but gaining some momentum). 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.