"Parabolic rallies" to stay empty promises

17 Agu 2023

After days of waiting, Bitcoin finally marked a new low at $28,300. In addition to that, the daily time frame turned increasingly bearish, with MACD failing to break above the midpoint and RSI with Stochastic further declining. As a result, we continue to maintain the notion that Bitcoin is headed lower. However, we would like to reiterate that the bearish trend remains weak (reflected in the low value of ADX). To further bolster the bearish case in the short term, we want to see rising ADX on the daily chart (indicating a growing bearish momentum). Furthermore, we want to see $28,300 being pierced to the downside and more decline in RSI and Stochastic. We will update the information about Bitcoin wallets and large holders tomorrow.

Illustration 1.01

Illustration 1.01 displays the daily chart of MACD, which failed to break above the midpoint.

Technical analysis gauge
Daily time frame =Bearish
Weekly time frame = Slightly bearish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.

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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.