Bitcoin needs to fall into the 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.

There is no certain retracement level in this setup.

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

Stacks on Bitcoin shorts

Aug 05 2023