BITCOIN failed to continue moving up. In fact, it formed a support and market broke the support and now formed a resistance. This resistance if retested again, will be awaiting for the market to form a bearish engulfing candle or a pinbar. This would give us a bearish move towards the support level at the price of 20700.

The descending trendline might be retested at the resistance level which will form a confluence. 

The retracement level of 61.8% is in confluence with the resistance level. This resistance will have a pull down effect on bitcoin towards the support level.

EMA 50 is still far up from the current market prices. The resistance might be the area of interest from where the market will have to push down. If retested, it can form a 3 tier confluence at the market price.

RSI is at 22. This means, market has to dive back towards the resistance level which will bring up the RSI level at 50. This level is the neutralized level for the RSI.

BITCOIN shorts from resistance 22500

Feb 11 2023

Stop Loss -2.90%

Holding time 7hr

22504.60

Entry price

23156.60

Stop loss price