Bitcoin just slipped and hunted us on the shorts. 

Bitcoin overall is still bearish and the market is still going to turn down towards the lower lows. From the price of 27300, the market has to continue moving down till the support level of 25800. 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.

The ascending trendline has broken out for shorts and the price action has validated it already. It shows us potential to continue moving down further.

The retracement level is slightly below the resistance level with the value of 61.8%. It needs to to hover towards the resistance level in order to conform to our sells.

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 33. It needs to be neutralized in order to align with the technical analysis.

Waiting to short Bitcoin again

Sep 02 2023

Stop Loss -2.41%

Holding time 13d10hr

27269.60

Entry price

27926.60

Stop loss price