Bitcoin is range bound on the daily timeframe once again. After deviating from its bearish momentum towards a slight correction, its stuck in the range between 22000-20000. This range needs to break on the either side in order to depict a solid conjecture of the direction. We are still bearish on Bitcoin given the cryptocurrency synopsis. We can short the BTC at 22000 and keep it open for a longer term till 12000.  

Apart from this, the structure is also bearish, creating lower lows and lower highs.

The descending trendline is formed. But this trendline still needs to break towards the upside in order to initiate its bullish direction. We anticipate that the trendline will be retested at the top layer of the of the resistance of the range.

The golden retracement area at 75-78.6% is in confluence with the resistance level. This level is a minor level and will work out once the rejection takes place at the resistance.

Both the EMA's are bearish with a bearish death cross. If the market continues to range here, we will see the retest of the EMA 50 at the upper layer. This will give us another technical factor for shorts from the resistance level.

The oscillators are in a bearish region given that RSI is at 32 and CCI is at -53. We need to see them neutralized in order to confirm to the bearish direction. With this, we will have a bearish technical factor and we will take the shorts.

We will be shorting the BTC till we see an improvement on the cryptocurrency space. Our long term target stands solid at the 10,000 mark.

Bitcoin another bearish leg

Jun 18 2022