Bitcoin - The FTX's domino effect
With BlockFi added as another troubled company to our long list, we continue to be bearish on Bitcoin and the overall cryptocurrency market. We believe that FTX's domino effect is still underway, and more companies will start coming forward to announce damages incurred in this cryptocurrency exchange fiasco. As a result, the industry will see the rise of more regulation in parallel to the 2008 crisis and Lehman Brothers' bankruptcy.
In our opinion, that will lead to the final capitulation in the market and drag the price of Bitcoin much lower from the current level. Over time, however, it might be positive as it will increase transparency and provide more safety for a consumer, potentially luring more institutional players and mass adoption. With that being said, we do not expect it to happen right away or anytime soon.
We believe Bitcoin and other cryptocurrencies still have a long way to go before reversing their primary trend. Accordingly, we stick to our price target for BTCUSD at 15 000$.
Illustration 1.01
Illustration 1.01 displays the daily chart of BTCUSD. The yellow arrow indicates a bearish crossover between 20-day SMA and 50-day SMA; now, these SMAs act as alternative resistance levels.
Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- are also bearish. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
In our opinion, that will lead to the final capitulation in the market and drag the price of Bitcoin much lower from the current level. Over time, however, it might be positive as it will increase transparency and provide more safety for a consumer, potentially luring more institutional players and mass adoption. With that being said, we do not expect it to happen right away or anytime soon.
We believe Bitcoin and other cryptocurrencies still have a long way to go before reversing their primary trend. Accordingly, we stick to our price target for BTCUSD at 15 000$.
Illustration 1.01
Illustration 1.01 displays the daily chart of BTCUSD. The yellow arrow indicates a bearish crossover between 20-day SMA and 50-day SMA; now, these SMAs act as alternative resistance levels.
Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are bearish. Overall, the daily time frame is bearish.
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.
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