Bitcoin - Expect more pain ahead

Unsurprisingly, Bitcoin fell below 20 000 USD, confirming our bearish bias. During the week, we will be on high alert as the FED is poised to increase interest rates and worsen economic conditions (and potentially spark another massive selloff). Other fundamental and technical factors also make up for the bearish consensus. Therefore, we have no reason to change our view and stick to price targets of 17 500 USD and 15 000 USD.

Illustration 1.01
The picture above shows the daily chart of BTCUSD. White horizontal lines indicate simple support and resistance levels. The yellow arrow indicates the bearish breakout below the immediate support, followed by the bullish retracement. We want the price to stay below the immediate support level to confirm our bearish view further.

Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. The daily time frame is bearish.

Illustration 1.02
The illustration above shows the increase in volume that accompanies the declining price. That is positive for the bearish scenario; ideally, we would like to see volume grow more.

Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. 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.