BTC/USD Bearish Analysis

BINANCE:BTCUSDT   Bitcoin / TetherUS
My analysis for today is essentially the same as yesterday and really the entire week. The price has been consistently setting lower highs which screams bearish to me. The arrows I've left on the chart are from yesterday's analysis. I figured the price would either immediately drop or rally up to 9.4k and bounce off the resistance and fall down 9.3k. My timing was a little off but for the most part that's exactly what happened. This is just to reiterate what I said yesterday: if the price can't break past 9.4k and stay, I don't expect to see any significant price increases.

Yesterday (6/20) ended with a green candle which could be a reversal signal, but we've just ended today (6/21) with a red candle with a larger body than yesterday's. So far today's candle (6/22) is starting off strong with a green candle with a very small lower shadow. This could mean that there isn't nearly as much selling pressure compared to the last few days, which could be good for bullish activity, but again, the price has to break through several levels of resistance. That being said, it doesn't look like there is significant resistance between 9.6k and ~9.75k. Breaking through 9.6k could result in a rally straight to 9.75k - 9.8k.

Overall I will continue to be bearish (short - mid term) until we start breaking through areas of historical (within the last 2 weeks) resistance. The more we bounce off these areas of resistance, the less likely the chances of the price having a significant upward spike. This also applies for spikes to lower price points, but as it stands we are having a lot more trouble driving the price up than down.


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