Will Bitcoin face a rejection and slump toward $29.5k?
Updated
On the 1-day timeframe, a bearish divergence between price and RSI was developing. On the 4-hour chart a range formation was witnessed.
Sentiment remained bullish in the market on the news of refiling of Bitcoin ETF applications from BlackRock and Fidelity.
This could see FOMO from buyers if BTC breaks out past the
31K
area, and a reversal here could gather a massive amount of liquidity from buyers before dumping back to the H4 lows. But it is a risky idea to short a breakout without confirmation, but waiting for such a confirmation could severely curtail R:R.
Entry: 31.6k-31.7k
Take-Profit: 25.5k (just below recent lows)
Stop-loss: 32.5k (invalidation above the 32.2k, this level is a high from 1 June 2022)
Sentiment remained bullish in the market on the news of refiling of Bitcoin ETF applications from BlackRock and Fidelity.
This could see FOMO from buyers if BTC breaks out past the
31K
area, and a reversal here could gather a massive amount of liquidity from buyers before dumping back to the H4 lows. But it is a risky idea to short a breakout without confirmation, but waiting for such a confirmation could severely curtail R:R.
Entry: 31.6k-31.7k
Take-Profit: 25.5k (just below recent lows)
Stop-loss: 32.5k (invalidation above the 32.2k, this level is a high from 1 June 2022)
Note
Didn't get the expected entry but BTC saw a bearish reaction from range highs
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