Given the current scenario of BITCOIN, we analyse the downfall of the digital gold towards the 45,000 level. The technical reasoning behind this is the bearish market structure which has been indicating the bearish pressure. 

At the resistance level, we have the confluence of the golden retracement level of 50%. This level can act as a catalyst once the market starts printing bearish candles.

Above the level, we have the EMA 200 forming for a retest. Market may retest the EMA 200 and then continue going down. 

Both the oscillators are printing over bought conditions. These conditions may infer towards a neutralization of the bitcoin with the selling pressure. 

Bitcoin may fall further deep as the higher timeframe structures are denoting a bearish sentiment. The fundamental news around the globe regarding the crypto regulation might dent the bullish pressure till this year end.

BTC shorts

Dec 23 2021

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