Bitcoin Short-Term Points Toward $55K (Below/Lower 50/52K)

➖ 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.

הערה:

➖ 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.

הערה:

No change; Likely to continue lower without break.

הערה:

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?

הערה:

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.

הערה:

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.

הערה:

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?

הערה:

This is interesting here... Notice the strong green candle, it is quickly rejected:

Such action reinforces the bearish bias.

הערה:

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.

הערה:

👉 "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.

הערה:

Bitcoin is now preparing for the next low...
Our 52K target remains valid but there can be some short-term action around 55K.