Bitcoin Continues to Touch Bearish Targets

Bitcoin retreated significantly, moving away from the record highs it had recently achieved, touching the second downside target mentioned in the previous analysis, located at 33,740, recording its lowest level at 30,645.

On the technical side, today we are biased negatively citing the RSI losing its bullish momentum in addition to the negative pressure of the simple moving average.

Confirmation of breaking 30,920 extends Bitcoin’s losses, opening the way to visit 30,530. Crossing over to the upside and confirming the breach of 32,220 may negate the bearish scenario, to witness upward intraday path targeting 32,730.

Note: the level of risk is high and may not be commensurate with the expected return. All scenarios are on the table.

S1: 30920	R1: 32220
S2: 30130	R2: 32730
S3: 29630	R3: 33510