BTC - Bearish for SHORT TERM🐻

14 Haz 2023

Hi Traders, Investors and Speculators of Charts 📈📉

After closely monitoring the market trends following our previous idea of shorting until the 25K support zone, it has become apparent that there is a notable increase in selling activity. Despite witnessing a decent rebound initially, it was met with an equivalent level of selling pressure, resulting in the price experiencing a downward trajectory with lower highs.

Furthermore, it is crucial to take into account the occurrence of a multiple bearish patterns in the daily (short term) timeframe including a double top, Head and Shoulders pattern and Bearish M patterns.
These technical chart-analysis patterns typically indicates a reversal in the price trend and suggests a bearish outlook for the short term. It implies that the market has made two unsuccessful attempts to surpass a certain price level, highlighting the presence of significant selling pressure and a potential decrease in investor confidence.

NOTE that although I am still bearish for the SHORT term, I remain bullish in my macro perspective.

________________________________


From the Fibonacci Retracement Macro perspective, we can see the price is still in the upper resistance zone; right underneath the 1.618. What we DO NOT want to see from the monthly timeframe is a close UNDER the support at roughly 25K. This would drive the price down to find more buying pressure around 20K.




BTCUSD BTCUSDT BTCUSD BTCUSD BTCUSD BTCUSDT BTCUSDT BTCUSDT BTC BTCUSD BTCUSDT BTCUSDT


_______________________

📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍


We appreciate your support !
CryptoCheck

16 Haz 2023

Not

Seeing lots of selling pressure show up in the short term, shakeout seems likely.