Bitcoin - Rip or dip

27 июл. 2022 г.

The setup we introduced recently remains valid. We will have our eyes on the FOMC meeting today. We expect volatility to be elevated throughout the day. We will update the idea after the FED decision.

Our thoughts are detailed in the attached ideas.

Technical analysis - daily time frame
RSI paused its fall and became neutral. MACD is also neutral. Stochastic is bearish. DM+ and DM- are also bearish. Overall, the daily time frame is bearish.

Illustration 1.01

We showed the chart above before. Structurally, Bitcoin continues to develop like during prior corrections of the current downtrend.

Technical analysis - weekly time frame
RSI strives to reverse to the downside. MACD is neutral. Stochastic is bearish. DM+ and DM- are 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 be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.