Bitcoin – BTC price (COIN:BTCUSD) is a bear market, and the bearishness has started since
2021, and it is expected to last till the
middle of 2024. Going long in the market will always be a suicide mission.
Looking at the daily chart here, it can be seen that the major trend is
bearish.
Price is already below the lower Trendline, though the RSI period 14 seems to
be sloping upwards, now above the level 50.
However, what the RSI portends is an opportunity to go short on the current weak rallies. The RSI will turn south again very soon.
The outlook on BTCUSD is very bearish, and the trend will last throughout this year and next year, even into the year 2024.
Thus price would reach the support levels at $12000, $10000 and $8000 before the end of 2023.
Market Analyst, Trading Signals Provider and
Coach
Teach Yourself Technical Analysis: Technical analysis
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