In our last idea on BTCUSD we pointed out that Bitcoin was very overvalued in short-term and due to correct. We layed out two possible scenarios for BTC. In first scenario we expected BTCUSD to correct and then resume bullish trend. In second scenario we expected BTCUSD to reverse bullish trend through double top formation. Now we are inclined towards second scenario as another important support level around 60 000 USD was broken. We also showed interesting trade setup which is displayed below: Now it is clear that BTCUSD dropped below previous short-term support; and now it remains in bearish territory. Technical analysis supports bearish thesis for BTCUSD as many indicators turned bearish. Because of that we would like to set new short-term price target to 55 000 USD.
Technical analysis RSI performed crossover below 70 points which was accompanied by selling pressure as we predicted. RSI turned bearish. MACD and Stochastic are also bearish. In addition to that, DM+ and DM- is due to bullish crossover. We are currently bearish on Bitcoin.
Support and resistance Major resistance sits at recent all time high of 67 016.50 USD. Another important resistance (Resistance 2) sits at 64 895.22 USD. Resistance 1 lies at 59 603 USD. Support 1 lies at 52 956 USD and Support 2 at 42 900 USD. Support 3 appears at 43 643.34 USD while major support sits at 28 600 USD.
Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
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