Technical analysis update: BTCUSD (13th September 2021)

2021年9月13日

Recently, when Bitcoin was trading above 50 000 USD we expressed our scepticism about its high valuation. We thought that price was elevated and due to the correction that would begin by price exiting gap zone (observable in the futures market under ticker: BTC1!). We noted that this would further bolster bearish case for BTCUSD. We think this is still the case and more downside awaits BTCUSD. We remain bearish on BTCUSD with short term price target of 40 000 USD.

Futures market (Ticker: BTC1!)


Technical Analysis
RSI is bearish. MACD and Stochastic are also bearish. We expect MACD to cross below 0 points which will take it to the bearish zone. We expect this phenomenon to be accompanied by further drop in price. DM+ and DM- show that BTC is in the downtrend while ADX shows that prevailing trend has intermediate strength. Closest resistance is at 52 956.47 USD and then at 59 603 USD. Major resistance sits at all time high of 64 895.22 USD. Closest two supports appear near 43 800 USD and then near 37 500 USD. Major support is at 2021 low which is 28 600 USD.

Our first thought on BTC1! from 25th August 2021:

Here we expressed our bearish view on BTC. We also noted that we expected temporary peak around 54 000 USD and then subsequent drop in price with possible retest of 2021 lows.

2021年9月13日

注释

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.

2021年9月20日

交易开始

Pattern in which price of BTC rises over the weekend (when futures are closed) and then drops on Monday continues. We expect more downside. Our price target of 40 000 USD remains in place.

2021年9月22日

交易结束：到达目标

Short term price target of 40 000 USD was reached overnight.