Bitcoin is headed to 52000? Most probably YES!
Symbol - BTCUSD
CMP - 63017
The recent swings in BTC confirms the bearish market structure. After the 59K retest, the price rallies 7%. There is no technical or fundamental explanation for this price behavior - 6K down, 4K up, 5K down, 4K up within just 12-15 days.
Bitcoin is still trading within a sideways range of 65K - 52K. The last resistance retest ended in a false breakdown and a price drop of 11% to 59K. Also, the local change of the market character (price confirms the downtrend) to bearish and formation of the downtrend channel. Emphasis on resistance 63400, 64130, 65000, possible retest or false breakdown followed by downside realization as we still have not reached the key liquidity zones.
Important Resistance Levels as of now : 63400, 64130
Important Support Levels as of now : 61320, 59000
The price is testing the resistance zone as part of the rally. There is no accumulation or technical potential to overcome this area for further growth. Within the bearish trend, the buyer does not show dominant signs and with high probability it will be stopped in the key zone. A reversal and decline to the lower zone of the sideways range is possible.
P.S. : My short position is open & I will add more position at mentioned resistance levels. Targets for this short position will be 57800 & 52500.
CMP - 63017
The recent swings in BTC confirms the bearish market structure. After the 59K retest, the price rallies 7%. There is no technical or fundamental explanation for this price behavior - 6K down, 4K up, 5K down, 4K up within just 12-15 days.
Bitcoin is still trading within a sideways range of 65K - 52K. The last resistance retest ended in a false breakdown and a price drop of 11% to 59K. Also, the local change of the market character (price confirms the downtrend) to bearish and formation of the downtrend channel. Emphasis on resistance 63400, 64130, 65000, possible retest or false breakdown followed by downside realization as we still have not reached the key liquidity zones.
Important Resistance Levels as of now : 63400, 64130
Important Support Levels as of now : 61320, 59000
The price is testing the resistance zone as part of the rally. There is no accumulation or technical potential to overcome this area for further growth. Within the bearish trend, the buyer does not show dominant signs and with high probability it will be stopped in the key zone. A reversal and decline to the lower zone of the sideways range is possible.
P.S. : My short position is open & I will add more position at mentioned resistance levels. Targets for this short position will be 57800 & 52500.
Comment
Testing major resistance & liquidity zone 66K
The new week starts suspiciously similar to the last one: the Asian session brings frenzied optimism and sharp growth to the upper boundary of the current range. At the same time, the mood in the crypto-options market does not differ much from the last review - large players are maintaining moderate optimism, while retail is still as aggressive.
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