Bitcoin has been in a bearish territory since few months now. We need to asses the technical factor as well as the fundamental element attached. The crypto industry took a massive hit due to the FTX saga that unfolded. With that, the bearish trend was further fueled to continue moving down further more. Apart from this, we are still bearish and BTC has broken a major support and is coming to retest the broken support turn resistance.

The ascending trendline has been broken out for sells earlier. On a lower time frame when we see another breakout sell of a trendline, that would be an added confirmation for the market.

The retracement level of 50-61.8% is in confluence with the resistance level. This level combined will have a strong effect in lieu with the bearish momentum that has been build.

EMA 50 is still bearish and is coming down in a steep way, which shows us a strong bearish pressure.

RSI 14 is at 55, which is the bullish region. We need to have the RSI at the over sold region, creating a bearish divergence, once the market is placed at our short setup, in order for us to get the short positions.

Bitcoin heading down

Dec 10 2022