Retest Bitcoin! Or a Dip and go? 🎐

5 thg 6, 2023

Headed to 24,300$ Daily Support and also Weekly S/R Zone. The question is if we have a sweep of late short orders and an abrupt pullback to our previous Daily S/R Zone (26,301$) before further downside. Now that we have gained liquidity after sweeping above 27,400 Daily Resistance level, probabilities suggest we will continue to the downside. We did not have this bullish sweep when I posted a short analysis on May 25th when pricee dipped to 26K. With the new Monthly candle came re-invigorated bears. I think it's safe to say that Bull positions from earlier in the Year took profit around 28K to 30K after the asset was up 80% on the year. For an Institution was that not enough? I doubt it and am thinking that they have taken some profit. As the Second Quarter comes to a close, we can see that price has pulled back 17% from the highs and is still 55% up on the year. We have some more downside to give on BTC. This Daily engulfing candle will create some fear for those holding from earlier in the year. 24,307 is not far off and we are offically entering another Bear market at least in the Medium term. Lower Lows and Lower Highs as Bitcoin backs off 30,000$.