Short

[ BTC ₿ ] Set for a Pullback? ↘️

Updated

- BTC Monthly candle is set to close in 6 Days and it appears to be closing as an engulfing candle
- This current weekly candle has 4 days left to close. We have confirmed momentum already as the 3 previous weekly candles are bearish
- The weekly timeframe is rejecting the June 6th,2022 Weekly Resistance Level at ( 30,000$ )
- Our Last Daily Level 26,749$ has just seen a large Daily engulfing candle close strongly below it

-We may observe here on the line chart that the price is dribbling downwards and the bears appear to be in charge at least in the short term here
- The first target for shorts being ( 24,309 $ ) Daily Zone & Weekly S/R Zone
- Shorts target for June is ( 22,009 $ ) Weekly Zzone

Note

Price is pulling back hard and a last chance for a bear hold will be
where price is currently sitting at, 27,600$ Weekly S/R level. IF Bears cannot hold here we will likely see an easy move back up to 29,239 weekly Level. The weekly candle is looking to close bullish in a few hours. The candle body however is not necessarily large and solid. Nonetheless it does appear to be printing as a hammer candle and this may be the beginning of a large ascent ahead. Otherwise market structure still maintains for bears as long as 27600$ holds.

Note

Price has exceeded our 27,600$ (weekly S/R Zone) final hold for the bears. We reached halfway the distance between 27,600 and 29,239. Price is moving up as outlined in the previous update. Price will likely reach 29,239 with momentum in the new weekly candle ( Also it needs at least a top wick ). The beginning of the ascent was confirmed when the daily candle closed back inside 26,755 Daily S/R Zone yesterday. I mentioned this not in this publishing but in the following BTC publishing titled " Fight for 26,749 Daily Zone "

Note

Price is Dropping hard with the new Monthly candle -5% plus today

Price needed to capture more long liquidity before continuing down to the next zone
24,307. Short Target for June stands as 22,009 as mentioned in the original description above.

Note

Price has Pulled back Multiple times since this short
idea was created but nonetheless keeps returning to a new Low. If the Daily candle can close below 27,765 Daily Support, we may see the weekly candle
close out the week on Sunday with a strong push to the downside and the creation of a larger Bearish Body.

Note

the market is appears that it may drop off a cliff soon, and we wait patiently as FOMC interest rates is in 21 hours. we must observe how price reacts to the 25,732 Daily support.

Note

Price left a wick at 26,553 Daily resistance zone with CPI data

ShrewdCatfx

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.