Bitcoin - The odds of short-lived uptick increase

Over the weekend, Bitcoin enjoyed some upward price action. Then, it continued higher once the futures market opened on Monday. Currently, it trades at around 31 400 USD. Once again, our thesis is that if the stock market holds up and continues its bear market rally, then BTC will march higher with it (in the short term). Therefore, our previous comments about BTCUSD reaching 36 000 USD before faltering lower still apply. However, we remain bearish beyond the short-term; indeed, we still maintain our price target of 25 000 USD.

Technical analysis - daily time frame
RSI, MACD, and Stochastic are bullish. DM+ and DM- are due to perform bullish crossover, which would further bolster the bullish case for BTCUSD in the short term. Overall, the daily time frame is bullish.

Illustration 1.01

The picture shows simple support and resistance levels.

Technical analysis - weekly time frame
RSI, MACD, and Stochastic remain bearish. The same applies to DM+ and DM-. Overall, the weekly time frame is bearish.

Illustration 1.02

We will pay close attention to volume in the coming hours.

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.

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Our price target of 25 000 USD was reached.