According to Many TA indicators, BTC May go down for short-term

13 juil. 2023

Let's start by looking at the 15-minute chart of BTC/USDT. From the trend line, it is quite evident that the upward trend has been broken yesterday, and now the 15-minute chart is entering a downward range.

Moving on to the daily chart of BTC/USDT, according to the Bollinger Bands (BOLL), a very narrow convergence has occurred. Generally, when a particularly narrow Bollinger Bands convergence appears, it indicates the possibility of a significant market move. I believe this will largely depend on whether the Bitcoin spot ETF applied for by BlackRock will be approved.

Looking at the daily MACD, there is no doubt that a bearish crossover has already occurred, and the daily RSI is also at a relatively high level of 57.

Therefore, disregarding the outcome of the Bitcoin spot ETF, based on the chart analysis, it is likely that the price of Bitcoin will experience a downward movement.