BITCOIN - Temporary relief After yesterday's dip, the market enjoys a time of relief. However, we think the relief is temporary as there is no significant change in technical or fundamental factors. Therefore, with an unchanged bias on Bitcoin , we stick to the bearish outlook for the cryptocurrency with price targets at 17 500 USD and 15 000 USD. Illustration 1.01 Yesterday, we stated the crossover between 20-day SMA and 50-day SMA was imminent. Later, the crossover occurred, serving as a bearish confirmation; now, ideally, we would like to see no whipsaws between two moving averages. Technical analysis - daily time frame RSI , MACD , Stochastic , DM+, and DM- are all bearish . Overall, the daily time frame is bearish . Illustration 1.02 One development we pay attention to at the moment is the potential creation of a new downward-sloping channel on the daily chart . The upper bound is created by a trendline connecting peaks between the 15th and 26th of August 2022; the lower bound is parallel to the upper trendline starting from a low on the 19th of August 2022. If a breakout above the upper bound occurs, it will likely lead to the distortion of the pattern. Technical analysis - weekly time frame RSI , MACD , Stochastic , DM+, and DM- are all bearish . Overall, the weekly time frame is bearish . Illustration 1.03 The hourly charts shows drying up liquidity. 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 be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.