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.
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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.
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The post Bitcoin Price Analysis: BTC Turns Bearish, Expert Urges Caution – Here’s His Outlook appeared first on CaptainAltcoin.