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 is still away from the current market prices and may tap the resistance in confluence with the rejection on the trendline.

The retracement level on this is at 50%, which is in confluence with the resistance level.

EMA 50 is bearish now and has the potential to retest maybe beyond the resistance level. 

RSI is at 31. We need to wait for the market to tap the neutralized level at the 50, in order for the market to retrace on the chart as well and then, continue its move towards the bearish side.

Bitcoin still bearish

May 14 2023