Bitcoin continues to trade choppy near the 16 700$ price tag. On the daily chart, RSI, MACD, and Stochastic trend sideways, which is a sign of improvement compared to the preceding two weeks. However, we remain bearish as we do not expect fundamental factors to get better anytime soon. With the FED staying hawkish, we believe there is much more downside for the cryptocurrency market in the coming months. Indeed, we believe that the fallout with FTX has not been resolved yet, posing more obstacles for the market. In accordance with that, we stay committed to our price target of 15 000$. Momentarily, we will pay close attention to volume, which is currently very low. In order to confirm our bearish thesis, we would like to see a pick-up in volume accompanied by selling pressure.
Illustration 1.01 Illustration 1.01 displays the daily chart of BTCUSD, two simple moving averages, and support/resistance levels.
Technical analysis - daily time frame RSI, MACD, and Stochastic trend sideways. DM+ and DM- are bearish. Overall, the daily time frame is bearish.
Illustration 1.02 The image above shows a decline in selling pressure on the daily chart of BTCUSD.
Technical analysis - weekly time frame RSI, MACD, and Stochastic are bearish. DM+ and DM- are also bearish. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Zlecenie aktywne
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We maintain the price target of 15 000$ for Bitcoin. However, today, we would like to announce a new (second) price target of 13 000$.
check out this incredible accurate prediction; 3 years ahead !!
Dtrader2020
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@MichielVan_Kets your chart is outdated. by 3 years. we aren't seeing the current candles that show If your little drawing came true. so no you aren't getting a Nobel prize for economics.
MichielVan_Kets
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@Dtrader2020, click the little blue play button that's on the chart, you f'ing idiot
Tradersweekly
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@MichielVan_Kets, @MichielVan_Kets What about these? One prediction does not make up for numerous wrong ones (especially when there is a bunch of different predictions). Maybe having some self-reflection before calling other people names would be a very nice trait to have.
"Jun 2, 2021 - maybe we see another little drop, but even that is doubtfull, this while 275k before the end of the year is simply inevitable ... it's called hyperinflation"
"Jun 26, 2021 - even if it were to hit 11k ... it's still in an upwards trend !!"