As you can see in my chart bitcoin just fell below the important uprising-resistance-level from its past uptrend, this was an important trendline that holds the whole price to the upside in the local timeframe, as it is now broken it shows and important signal to the downside. For now the price seems to stabilize but that can just be the next consolidation to setup for another leg down similar to the consolidation seen before, therefore you see the important support which needs to behold marked in orange for a significant sustain, when we break this level to the downside it will provide massive pressure to the downside.
The next time we can expect bitcoin to test remaining resistance levels in the current structure as we have support at the 100-EMA which you can see marked in blue, from here bitcoin sets up to test some higher levels but as there is still plenty of resistance it is more likely that we will fall back again in the range. In my chart you can see the resistance we have here at the 50 % Fibonacci Resistance and also with the logical resistance we formed in past price action, there this range is building a coherent resistance cluster which will confirm likely when the price has touched this range. I would be patient for opening an aggressive short here, the best option will be to wait after the scenario has clearly confirmed.
For further continuation to the upside, bitcoin needs to hold the current range and do not fall below the 9100 otherwise this will cause further increase of pressure. What we need to keep in mind now is that the whole structure and the unnatural movement to the downside can be a big bear-trap trapping trader in there positions before moving higher upward, therefore we need to see more information and as soon as we do not get a serious price-stabilization and confirmation to the upside the scenario remains within the high possible spectrum here. In this case traders should be prepared for this situation and take advantage of opportunities arising when it happens to confirm like mentioned.
In this manner, thanks for watching, support for more market insight and all the best!
Trading effectively is about assessing probabilities, not certainties.
Information provided is only educational and should not be used to take action in the markets.