BTC

٨ سبتمبر ٢٠٢٢

Bitcoin (BTCUSD) - Breaking below a key long term level - the Dec-2017 highs. A second test of medium term support which is, for now, failing to hold. Extended downside target is $12750 - this being the prior breakout level. The weekly chart presented in 09-May note at $34597 (see attached) using the price breakdown and weekly RSI (then at 32) as an indicator for a continuation of the strong downward trend. As long as BTC us below $19700, there remains a negative bias toward the cryptocurrency.