Let’s move on to the Bitcoin analysis. The market continues its downward movement, and yesterday it recorded another bearish leg.
⏳ 1-Hour Timeframe
If you remember, yesterday we drew a bearish structure for Bitcoin with a bottom at 10,1302, which we could use as a trigger for a short position.
⭐ After that level was broken, a new downward move began, and the RSI entering the oversold zone added even more bearish momentum to the market.
✔️ As a result, the price managed to drop below the 9,9631 level in its first move. After a pullback to this zone, Bitcoin has now started another downward leg.
📊 Volume has been increasing throughout this bearish movement, and the RSI is once again approaching the oversold area, meaning that if it enters this zone, the current leg is likely to continue.
⚡️ We can also draw a curved trendline on Bitcoin’s chart, from which the price was rejected yesterday. The price is currently far from that line, but if a correction occurs, this trendline could act as a dynamic resistance. The static resistance zone is at 9,9631.
🎲 For today’s trading setup, the short trigger is at 9,7117, though it’s quite risky and has a high chance of being a fakeout. However, if market momentum remains bearish, this trigger can still be suitable for a short entry.
💡 If you already have open short positions, there’s no need to open new ones using this trigger — your entry is already at a good point. For profit-taking, you can use Dow Theory’s trend reversal signals to guide your exits.
❌ 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.
