BITCOIN took a major dip in a day when the news of two Chinese conglomerates went bankrupt. From the price of 26600, the market has to continue moving down till the support level of 26500. The market is in a major down trend with the formation of lower lows and lower highs. We will continue looking at sells till the market tests the support level.

There is no trendline or retracement factor in this setup as the market does not have any wave to draw it from.

EMA 50 is bearish and the retest is also too high in order to continue tapping or retesting it.

The RSI is at the over sold region. This region at 20 needs to be neutralized at the level of 50 from where, it can align with the technical factors and continue moving down.

Lets short bitcoin from 26600

Aug 20 2023