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. 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 lower time frame breakout sell is almost complete but only determining the price action breakout sell from the trendline.

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 bearish and the market is on the verge of retesting the EMA 50 at the resistance level, along with other confluences. Either break or retest it.

RSI 14 is at 63. It means, market is at the bullish region and it has to fall back below the 50 level which is the neutralized level for the market. 

Another shorts on BITCOIN

Jan 08 2023