BITCOIN : NGL Looking Bearish 😐

١٦ مايو ٢٠٢٣

Hi Traders, Investors and Speculators of Charts📈📉

Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year 🏫


From the short term / daily perspective, Bitcoin has turned bearish. These reasons are pointed out on the chart, including a few very clear chart patterns. There are a few things I can think of that may be causing this short term selloff:

👉Market Correction: Cryptocurrency markets are known for their volatility, and periodic price corrections are common. After experiencing a significant surge in price, it is not uncommon for investors to take profits, leading to a temporary decline in the price.

👉Regulatory Concerns: Government regulations and policy decisions can have a significant impact on the cryptocurrency market. Negative news regarding regulatory developments, such as increased scrutiny, potential bans, or stricter regulations, can lead to market uncertainty and a decrease in investor confidence. Regulatory actions in major economies can create selling pressure and contribute to a downward trend in BTC's price.

👉 Whales whaling around, causing an even larger sell-off as the price of BTC drops and Technical Indicators turn bearish on the daily

It's important to note that I'm only short until 25K, at which point a bounce is possible.


If you missed it, here's an earlier analysis regarding this exact support zone and it's importance for the price of BTC :

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