BITCOIN tapped the major resistance on the weekly and monthly level. This resistance has the potency to drive the prices down for the pair. Currently, the BTC is forming a bearish trend, with the lower lows and lower highs of the pair. The trend change will be done once the market breaks the resistance we are taking the shorts at. Other than this, we are short on the pair and will take profit at the nearest resistance.

The descending trendline has broken out for buys and the market is sill barging with the ascending trendline channel for support and resistance.

EMA 50 is still due to be broken at the bearish side. We can either wait for the breakout of the EMA 50 towards the bearish side or we can book profit at the retest. 

The retracement level is in confluence with the resistance level. This level needs to be respected by the market in order for the drive down.

RSI is at 62, which is the bullish region at the moment. Market may slide up to the resistance level, which will take the oscillator towards the over bought, exhaustion region. From there, we can see the bearish divergence forming and then the market pacing the mark down.

Bitcoin expected from from 30000

May 06 2023

Stop Loss -1.31%

Holding time 0hr

29999.60

Entry price

30391.60

Stop loss price