Bitcoin - BTC is setting itself for trading within the range

Recently, all our price targets for BTCUSD have been reached. Because of that, we decided to update our thoughts on Bitcoin. We continue to maintain the bearish notion on BTCUSD. However, in the very short term, we think it is likely for BTC to stabilize around the current level before continuing lower. We believe the price might be setting itself for a short period of sideways movement between 40 000 USD and 48 000 USD.

Technical analysis - daily time frame
RSI, MACD, and Stochastic are bearish. The same applies to DM+ and DM-. ADX started to grow again, which suggests the bearish trend has resumed. Overall, the daily time frame is bearish.

Illustration 1.01

The picture above shows simple support and resistance levels.

Technical analysis - weekly time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- are bearish too. However, ADX contains a relatively low value which indicates that no trend is present. Overall, the weekly time frame is bearish. However, it also indicates that the price is bound to move within range.

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 serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.