Bitcoin is at a resistance level at the price of 29550. This area is the resistance level which is also a strong level as the market tapped the weekly level. Until unless the market breaks the resistance level, the market remains bearish. We are looking to short the market at the resistance level till the support level at 28000. 

The descending trendline has been retested at the resistance level whereas, the ascending trendline is on the verge of breakout sell. Once it breakout sells, it will be a confirmation for a sell.

The retracement level of 50% is in confluence with the resistance level.

EMA 50 is bearish and the market has retested is at the resistance level. The price action has rejected it already, hence, we see a continuation of the short.

RSI is at 48. It needs to neutralize at the 50 level where the price action is in confluence with the technical factors.

Bitcoin shorts from 29550

Jul 29 2023