Bitcoin dipped massively over the last two days. All the long positions seem to be liquidated due to which, the bearish run was steep and with pressure. With that, we have a slight change of bias towards the bearish side now. We are looking to short the bitcoin at the resistance level of 29200. This level we will see how the price action prints. If bearish price action, we will take a sell. If not, We will wait for further confirmation.

The ascending trendline has broken out for sells and has been validated with the candles. We want a lower time frame breakout sell for confirmation.

At the resistance level, the retracement level of 61.8% confluences, which gives us a strong foothold for the shorts.

EMA 50 has turned bearish now and there is a chance, market might retrace and retest the resistance while forming a confluence with the resistance and retracement.

RSI is at 23, which is the over sold region. Therefore, we anticipate a retracement back towards the area, where our shorts are positioned.

Bitcoin took out all the long stops

Apr 22 2023