The crypto market is showing signs of bearish momentum, with Bitcoin (BTC) leading the decline. The price action suggests that sellers are firmly in control, with a series of lower highs and lower lows forming on the chart.
A short trade setup has been identified, with an entry zone between $61,600 and $62,200. This zone offers a potential opportunity for traders to enter short positions.
The target prices (TP1, TP2, and TP3) have been set at $60,500, $59,000, and $57,500 respectively. These targets are based on the current market conditions and the identified trade setup.
A stop-loss (SL) has also been set at $63,500 to limit potential losses in case the trade does not go as planned.