Let’s analyze Bitcoin. It looks like the market is starting its bearish move!
⌛️ 1 Hour Time Frame
Yesterday, we had a long trigger on Bitcoin at the 80621 level. However, price failed to consolidate above this area, and after a strong rejection from this level, it made a deeper correction down to 77795.
📊 Selling volume has now increased significantly, and the previous candle also showed a sell off, with price reacting to the 77795 level.
✔️ If price manages to consolidate below 77795, a deeper correction toward 75950 could take place.
📊 If we want to trade on the lower cycles, we can open a short term scalp position after a break below 77795.
💥 The RSI oscillator is also currently in the oversold zone. Considering that the overall trend is still bullish, if this RSI move turns out to be fake, fresh bullish momentum could enter the market.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.
