Bitcoin (BTC): Be Back at $69K zones / We Are Bearish

Another week is here and what an amazing weekly closing price action we had for the last couple of days. As price is now back near resistance zone, forming a potential full fakeout zone on the upper sides, we will be looking for further movement to lower zones, where first target would be $60K and second target will be $50K.

Keep in mind that current economy is way too bad and we see that Bitcoin is currently in bubble zone, meaning it has a great chance to pop soon....healthy correction for further bullish movement, as we like to call it 😉

Swallow Team

Comment:

Bitcoin is showing great rejection since the start of the week.

Resistance is getting weaker and weaker and we are looking for price to secure below that zone there as well. Game has started 😉

Comment:

Bitcoin still remains below that zone of resistance, showing us a strong will for potential further movement here.

Now what we are concerned about is today's economic news, which can shake the market a little. While we all wait for CPI data to be released, we need to hold that upper resistance for further moves to lower zones.

If we see any attempts to breakout from that resistance zone, we might see further movement to the upper zones (to the fakeout zone).

Comment:

Bitcoin had some nice rollercoaster moves yesterday during the CPI data release. But we mentioned after the news that there would be a fakeout and we got what we came for here.

Now that we had a nice small fakeout to the upper zones, we closed the price below that resistance zone and now we are back trading on the lower side of the resistance, showing the dominance of sellers at this point. Our game plan stays the same!

Comment:

Bitcoin is dropping further to lower zones breaking $66K zone which was major support zone on smaller timeframes.

As we enter the weekend market, we might see some liquidity moves here, so stay safe!

Comment:

What a nice movement we had from Bitcoin after yesterday's fakeout movement to the upper zones, leading the price to break below the local resistance zone.

Now that we are seeing a touch of 100EMA, we are looking for a full-scale break to happen from it, which would result in a good downward move to even lower zones!

Comment:

The first target has been reached, which resulted in a nice 13% market price movement from the local top (the new ATH).

As the price has stopped near $60K, we are looking for some kind of small recovery to happen here, but no further than $64K. After that, we want to see another attempt to break that local $60K zone and fully secure that zone there, which would result in a movement to $50K (where the majority of the market is lying as of now).