BTC just achieved a monthly close above 40K. Now it seems that the pivotal timeline works out and it's going lower on the track. There are two scenarios for bears ! - Dive below 30K after a retest on 42.5K . - Dive below 30K after a retest on 44.6K .
So on both scenarios I'm bearish but can't mention the exact level for another leg down; So it's recommended to have you confirmation on both sides. BTC activated the liquidity pool here above $41300 and it's just marking the lower LP to have advantage as a retest line for next major movement !
๐ด Have to mention that any engulf above 46K will invalidate our bearish scenario and we'll search for a spot to take LONG with a target around ATH. How ever there will be one last major resistance sitting at 49K; But I won't risk my portfolio for it, Above 46K will highly suggest bulls to take advantage again.
You can have the SHORT options noted on chart below : There are two SHORT setups as I mentioned !
๐ฐ Our main target is 27K on classic chart; So there can be a wick below 26K to hunt more longs and fill more bids !
On last chart, We have : There are multiple bearish divergences located on volatility; So that's why I mentioned a higher entry SHORTs. Cause there is a chance for bulls to push back the price and mark this downtrend as a correction for divergences. Also RSI is just reached below 45; So it can be a good spot to retest over sell zone limit and have another rush to higher levels for more activity above liquidity pool caused by last month's high !
๐ด SHORTs need a confirmation to run; Any engulf above 46K will invalidate our bearish scenario and BTC will bounce to retest ATH or higher with 90% chance of success. ๐ I'll share another chart and setups if any engulf above 46K happens !
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