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Analysis Technical analysis

BITCOIN 22.07.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 32105.23-31651.97 and it has a potential to reach the target zone №2 27572.63-27119.37. The best prices to try to have a short position are the control resistance zone 34248.27-33795.01. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 34248.27-33795.01 (49450 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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