Bitcoin Short Analysis ( Bearish ? )
Updated
#Bitcoin Chart Analysis
BTC is currently trading at 229,300 and it seems to be retesting its resistance trend line after a breakout. According to technical analysis, this retest zone suggests a bearish outlook for Bitcoin.
I have opened a small short position with a stop loss if any 4H candle closes above 330,300. My target is $24,500 if the stop loss is not hit.
Keep in mind the support level is at $24,500 and the resistance level is at 330,000.
Disclaimer: This is just my personal analysis based on the chart, and it is not financial advice. Please do your own research before making any investment decisions.
BTC is currently trading at 229,300 and it seems to be retesting its resistance trend line after a breakout. According to technical analysis, this retest zone suggests a bearish outlook for Bitcoin.I have opened a small short position with a stop loss if any 4H candle closes above 330,300. My target is $24,500 if the stop loss is not hit.
Keep in mind the support level is at $24,500 and the resistance level is at 330,000.
Disclaimer: This is just my personal analysis based on the chart, and it is not financial advice. Please do your own research before making any investment decisions.
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Bitcoin Technical Analysis: Bearish Sign as Daily Candle Closes Below 50-Day Moving Average
Bitcoin is currently trading at $27970 level, and a technical analysis of the daily chart shows a bearish trend as the candle has closed below the 50-day moving average. In this article, we will discuss the potential price movements of Bitcoin in the near future.
Previous Analysis:
The previous analysis suggested opening a short position at HKEX:29300 and setting a stop loss at $30300. If you followed the suggestion, you would be in good profit.
Current Analysis:
As per the chart analysis, Bitcoin may test the $24000 level again as the trend line has broken down, and the daily candle has closed below the 50-day moving average. The 200-day moving average support is also around the $24000 level.
Strong Support Area:
The analysis also indicates high liquidity at the $19500-$20200 level, making it a strong support area.
CryptoPatel Key Levels:
The key support levels to watch are $24200, $21600, and $19700, with resistance levels at 229500 and $30500.
Conclusion:
It is important to keep in mind that this is not financial advice, and you should always do your own research before investing in any coins. Learning as much as possible about cryptocurrency trading and market analysis can help you make informed decisions and improve your chances of success.
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