BTC hit the resistance level at the 21500 price point from where, it started to reverse and move in the bearish direction. We are looking at the bearish impulse move towards the support level or beyond the support to further decline. The overall trend on H4 is still in a range, or the latest is still bullish. That being said, we are taking the short position in order to continue shorting.

The ascending trendline has broken out for sells. It needs validation after which we can confirm the bearish dive, which it has already done. The descending trendline is going to be potentially rejecting at the resistance level.

The retracement level of 61.8% is in confluence with the resistance level. This confluence needs to be tapped in order for the market to continue moving down.

The EMA 50 is bearish now. There is a chance for the market to retest the EMA 50 at the resistance level from where the confluence can be formed for the trendline, resistance and EMA 50.

RSI is at 23. This needs to be neutralied at the 50 level or head up to the over bought region for the market to form the bearish divergence.

Bitcoin shorts

Mar 11 2023