Bitcoin Price Analysis: BTC Turns Bearish, Expert Urges Caution – Here’s His Outlook

Bitcoin closed below its range lately, indicating a short-term bearish trend, according to an analysis by crypto expert Master. The analysis highlights that Bitcoin pumped nearly 4% after closing below the range low (RL), reaching a level without a suitable entry for shorting. Consequently, Master advises traders to wait for perfect entries and avoid low-probability trades.

Bitcoin (BTC) Price Analysis

The movement of Bitcoin lately showcases a sequence of lower lows and lower highs, signaling a mid-term downtrend. The long wick on June 12th, influenced by Ethereum-related bullish news, suggested a continuation of the bearish trend. 

This move was aimed at grabbing liquidity for further downside, although it was not as major as a high time frame (HTF) confirmed break of market structure (BOMS). According to Master, traders should wait for candle bodies to close above previous swing highs before considering a bullish mid-term trend.

Strategic Trading and Patience

Master emphasizes the importance of patience in trading, suggesting that every pump presents a shorting opportunity if key levels are well-defined. The analysis identifies $66,555 as the nearest mid-term high (MTF SH) and $64,060 as the nearest mid-term low (MTF SL). Traders should look for opportunities on pullbacks and retracements around these levels.

Master also monitors potential bullish reversals at significant levels, particularly if Bitcoin hits $70,000. This level often sees distribution by whales, who sell in chunks before pushing the market down to desired buying levels. 

These levels, rich in liquidity, are crucial for powerful reversals. High time frames (HTFs) are more reliable in this context, as they represent more liquidity and reversal pressure.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

Read also: Here’s Why Metal DAO’s MTL Crypto Price Is Pumping: Analysts Share Price Targets

Adapting to Market Changes

Master advises thinking several moves ahead when conducting chart analysis, rather than reacting to the market. Traders should also respect the invalidation of their ideas, understanding when levels should switch from low orders to no orders or vice versa.

Join Aethir’s exclusive airdrop and earn badges by participating in events or holding community tokens. Complete tasks and secure your spot before the snapshot date is revealed!

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.

CaptainAltcoin
Logo