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Short term BTC technical analysis
After the CPI print and lower US inflation news at the start of the year equity and crypto markets rallied. BTC kept going up in price, reaching 21.6K. However, the macro environment is still bearish…
BTC: technical analysis
BTC bullish momentum is dying down: the clusters of market momentum are decreasing over time. Money flow is also curving down on multiple time frames and the EMA 25 & EMA 50 have crossed on the 1 hour TF, indicating a bearish environment.
I am looking to short until around 19k–18k depending on the market conditions and strenth in momentum.
- Market envirionment on the short term = Bearish
EMA 25 & EMA 50 serve as a ceiling during a bearish trend. These EMAs are not only useful to determine the market trend but can also help identify good entries for shorts.
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Short Time Frame : 1 hour
The potential take profit levels where determined by mayor support & resistance price points on the 1 hour time frame.
Higher Time Frame: 4 hour
The potential take profit levels where determined by mayor support & resistance price points on the 4 hour time frame.
Doing further analysis and combining the support and resistance levels of a 12 hour time frame and fibonacci restracement levels — based on the latest low to high swing — these are potential take profit zones: 19.9k, 18.6k & 17.4k.
However, it is important to note that markets never move in straight lines and the price can go to one of these levels and retrace back up. Also, the higher the volatility and liquidity in the markets the bigger the move.
I hope this information was useful,
Love & light,
Mariana
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