BITCOIN is going to be reseting soon as the recession persists in the industry of financial markets. BTC along with other cryptocurrencies has earlier been in a downtrend and seems to continue the downward momentum. The lower lows and lower highs deduce this fact towards the downside. Market is currently at the resistance of 23000 and has the potential to fall down towards the 15000. We will ke skewing this trade for the short sells.

The trendline has formed a bearish pattern of the pennant which is being formed for the bearish structure. Market has tapped the upper band of the trendline but is still due to break the lower band of the trendline which will induce the breakout sell after being validated. If the breakout sell happens, we will be in a much better position for the market dive down.

The retracement area which is in confluence with the resistance is at the 38.2% level, which means, market is retracing in a bearish market. Given the price action rejection of the retracement, it seems valid for the push down.

The EMA 50 has been in a bearish sentiment without being retested. The retest seemed due but it did not happen and market needs to fill the movement downwards of the market.

RSI is near the neutral level of 51. Once market falls below the 51, it will enter the bearish territory and has the potential all the way down towards the over sold region. 

Shorting BITCOIN from resistance

Aug 06 2022