BTC analysis of this week

Hi all,

My global view for BTC in mid-term does not change, as explained in my previous analyses (see links in below).

After the fall of FTX, BTC still holds the $15500-$16000 local support. However, this support level would be broken soon due to some new signs of weakness.

• MFI values are breaking its trendlines since mid June this year. This is a quite strong signal of a potential big drop.
  
• CMF values are negative and below a longterm (resistance) trendline
  

These indicators tell us that there is a lack of buying pressure and selling one would increase rapidely with some triggering news. By this, I would like to mention the Genesis news that may come out today or next days.

Except for surprisingly good news for BTC and cryptos (which i doubt), BTC has more chance to continue its down way.

What do you think?

Thanks in advance for your news/analysis and have a nice week!

Komentarz:

Here below is what happened to BTC when MFI broke down its trendlines while CMF values were still negative and below the longterm trendline.