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. We are targeting another bearish markup downwards.

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 near about the neutralized level of 50. The market is at 41. It needs to be neutralized in order to align with the technical analysis.

Keep stacking fellows!

Aug 27 2023