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Bitcoin - The inability to hold gains hints at fragile market

Overnight, we saw a short-lived bounce in the price of Bitcoin to 20 895.08 USD. Within a few hours, BTCUSD gave up most of its early gains and plunged below 19 500 USD, where it currently trades. We continue to be bearish on BTCUSD. Accordingly, we maintain our price targets at 17 500 USD and 15 000 USD.

Illustration 1.01

The picture shows an overnight correction of the downtrend, represented by natural price retracement toward the 20-day SMA.

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

Illustration 1.02

Since 26th June 2022, the volume is again on the rise; that is bearish.

Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame has not changed and remains bearish.

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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.