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. It seems, market is making a bullish trap for the buyers as the support has become really weak and can be broken out with any jerk of the bearish move. We are looking to sell again at the price of 26300.

The descending trendline might add to the confluence of the price at the resistance level for a retest.

There is no retracement on this setup at the moment.

EMA 50 is bearish and is hovering above and below the price action. 

The RSI needs to tap the over bought region to regain its bearish strength. Right now, its at 48. In order to align with the resistance level, it needs to tap the over bought region.

What a bullish trap on BITCOIN

Sep 10 2023

Stop Loss -1.49%

Holding time 1d23hr

26354.60

Entry price

26746.60

Stop loss price