Bitcoin - Investors continue their chase for the higher price
Since its lows on 18 June 2022, Bitcoin has risen approximately 40%. However, despite that, we remain committed to our bearish stance, which is mainly affected by persisting fundamental factors that will continue to weigh on the cryptocurrency market for the rest of 2022 and 2023.
Despite that, the current trade setup still allows for a further price rise in the short-term; especially, if Bitcoin breaks above the immediate resistance. Under such conditions, we would see the upside up to 26 500 USD, and in an extreme scenario near 32 500US; which remains consistent with what we stated already several weeks ago.
In regard to our price target, it stays at 17 500 USD.
Illustration 1.01
Illustration 1.01 shows the upward sloping channel, which many analysts say is bullish and indicative of the trend reversal. However, in our opinion, there are several warning signs on the chart. First, volume declines throughout the structure. Second, each breakout above the immediate resistance was followed by strong selling pressure. Third, overall volume levels remain very low.
Technical analysis - daily time frame
RSI and MACD are neutral/slightly bullish. Stochastic is bullish. DM+ and DM- are bullish. Overall, the daily time frame is neutral/slightly bullish.
Illustration 1.02
The setup which we introduced previously remains valid; that is mainly due to the choppy price action of Bitcoin, which continues to oscillate within the wide range with occasional breakouts above it.
Technical analysis - weekly time frame
RSI and Stochastic are slightly bullish. MACD performed bullish crossover, however, it stays in the bearish area. DM+ and DM- are bearish. Overall, the weekly time frame is neutral/slightly bullish.
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.
Despite that, the current trade setup still allows for a further price rise in the short-term; especially, if Bitcoin breaks above the immediate resistance. Under such conditions, we would see the upside up to 26 500 USD, and in an extreme scenario near 32 500US; which remains consistent with what we stated already several weeks ago.
In regard to our price target, it stays at 17 500 USD.
Illustration 1.01
Illustration 1.01 shows the upward sloping channel, which many analysts say is bullish and indicative of the trend reversal. However, in our opinion, there are several warning signs on the chart. First, volume declines throughout the structure. Second, each breakout above the immediate resistance was followed by strong selling pressure. Third, overall volume levels remain very low.
Technical analysis - daily time frame
RSI and MACD are neutral/slightly bullish. Stochastic is bullish. DM+ and DM- are bullish. Overall, the daily time frame is neutral/slightly bullish.
Illustration 1.02
The setup which we introduced previously remains valid; that is mainly due to the choppy price action of Bitcoin, which continues to oscillate within the wide range with occasional breakouts above it.
Technical analysis - weekly time frame
RSI and Stochastic are slightly bullish. MACD performed bullish crossover, however, it stays in the bearish area. DM+ and DM- are bearish. Overall, the weekly time frame is neutral/slightly bullish.
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.
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