Bitcoin / TetherUSShort
Bitcoin Short-Term Points Toward $55K (Below/Lower 50/52K)
Updated
➖ Today's price action for Bitcoin was characterized by a strong rejection.
➖ The shakeout happened were prices moved higher in an attempt to scare off weak hands, while at the time time this move was a successful liquidation of over-leveraged traders (20-30X); also known as gamblers.
➖ The candle that followed turned into a rejection and the next day (today) started full red, confirming the bearish bias.
➖ Previously, we have a double top pattern formation; 21-May and early June.
➖ Trading volume continues to decrease.
➖ We have bearish signal after bearish signal... This points to a new low happening soon.
➖ The last low is set at $56,552.
👉 We can expect a sudden and very strong drop to this level, with $62,470 working first as support followed by $59,883.
👉 Looking at the above signals, the last low is not the final goal as the bears have the upper-hand; we are looking at a lower low.
👉 A lower low can lead to 55K, 52K or 50K, short-term.
Who knows, maybe the major crash starts now but no, around the 21-23 is when we will see major momentum but something will start to give soon, really soon.
Prepare for the lowest prices in more than 4 months...
Thank you for reading.
Remember to boost for updates.
Namaste.
➖ The shakeout happened were prices moved higher in an attempt to scare off weak hands, while at the time time this move was a successful liquidation of over-leveraged traders (20-30X); also known as gamblers.
➖ The candle that followed turned into a rejection and the next day (today) started full red, confirming the bearish bias.
➖ Previously, we have a double top pattern formation; 21-May and early June.
➖ Trading volume continues to decrease.
➖ We have bearish signal after bearish signal... This points to a new low happening soon.
➖ The last low is set at $56,552.
👉 We can expect a sudden and very strong drop to this level, with $62,470 working first as support followed by $59,883.
👉 Looking at the above signals, the last low is not the final goal as the bears have the upper-hand; we are looking at a lower low.
👉 A lower low can lead to 55K, 52K or 50K, short-term.
Who knows, maybe the major crash starts now but no, around the 21-23 is when we will see major momentum but something will start to give soon, really soon.
Prepare for the lowest prices in more than 4 months...
Thank you for reading.
Remember to boost for updates.
Namaste.
Note
➖ If a short-term bounce happens, this is what we are looking at: ➖ Without a bounce:
Currently, the market does not require a bounce. There's been plenty of time for people to do whatever they had to do (sell/take profits). Those that did not sell already, are either long-term holders or missing the train.
Note
No change; Likely to continue lower without break.Note
Ok... A bounce happened that put Bitcoin back above the fast-moving exponential moving averages... On this 4H, short-term, timeframe: This is insignificant for two reasons:
1) There is no volume.
2) The resistance marked blue was not even hit.
👉 This is more market noise in an attempt to remove over-leveraged traders.
On the other hand, if prices continue higher and move above resistance then it is time to be cautious —on a short-term basis.
If too many people become bearish Bitcoin can jump to $70,000 or even $90,000 in a matter of hours, liquidate everybody and then drop; do you agree?
Note
We have another interesting development; This is a higher timeframe: Notice todays session, the upper wick/shadow on it is really huge, quite telling... It signals that no bounce is set to happen mid-term.
The daily session closes in 6 hours and 30 minutes.
A close below 64,800 would be extremely bearish.
Key dates 21-June (tomorrow —Full moon) and 23-June.
23-June is really strong in my mind (energy wise).
We continue to keep a close watch on the market.
Thanks for your support.
Note
The E-moving-average of 89 periods.➖ If the EMA89 holds, the market can turn bullish.
Confirmation would be needed.
👉 The bearish bias remains active and valid on a broader perspective as long as Bitcoin trades below $74,000 on a daily, weekly and monthly basis.
Note
Notice a clear pattern; many shakeouts, but clearly lower and lower prices... At one point, it will produce such a strong move that it will be hard to adapt because it will be so fast... How would you approach such a move?
Note
This is interesting here... Notice the strong green candle, it is quickly rejected: Such action reinforces the bearish bias.
Note
Another simple signal to consider is the volume; notice how clearly the red volume lines exceed in size the green lines: Volume is always a great indicator to gauge the strength of a move.
Volume is low lately but the red bars are always bigger than the green bars which indicates the bears have the upper-hand.
If you see strong green volume lines/bars, then you can expect a bounce or change to take place.
This is the 4H timeframe which is a very strong timeframe when looking at the short-term.
Note
👉 "We can expect a sudden and very strong drop to this level, with $62,470 working first as support followed by $59,883."Our first target has been hit and getting very close to the second... The current chart situation indicates that this is only the beginning; prepare for more red.
Note
Bitcoin is now preparing for the next low...Our 52K target remains valid but there can be some short-term action around 55K.
Trade closed: target reached
We will consider a new short-term trade idea.Lower prices still possible...
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lamatrades.com (Since 2017)
🏆 Results: t.me/alansantana1111/5935
🥇XRP +1950 🥇ADA +2216% 🥇AVA +536% 🥇AAVE +417%
t.me/alansantanatrades/971
🔝 Cryptocurrency Technical Analysis
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