Bitcoin $28k Bearish Target Smashed! What Next?

8:28 pm, Wed, 19 May 21

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Bitcoin Price Still Ranging! Is This A Sign Of Doom?
Bitcoin bearish prediction from a previous analysis Bitcoin Price Still Ranging! Is This A Sign Of Doom?

Bitcoin $28k bearish target smashed! We warned about this potential drop in Bitcoin as far back as when the price was still trading at the $60k price level Bitcoin Price Still Ranging! Is This A Sign Of Doom?

Since then, we have followed that bearish analysis up with numerous price prediction as the Bitcoin price developed. Our last analysis warned our readers of the final move to the downside and how to take advantage of it Crash To $28k? Read This Before Buying the Deep.

Bitcoin bearish prediction from a previous analysis Crash To $28k? Read This Before Buying the Deep.

That bearish price prediction played out exactly, netting our readers over 50% in returns all through the sell-off

Bitcoin $28k Bearish Target Smashed! What Next?
Bitcoin $28k bearish prediction played out exactly!!

If you didn’t take advantage of that Bitcoin bearish trade setup, well get ready because Bitcoin is getting ready to make another move soon! And in this Bitcoin analysis, we will be talking about the key levels to watch.

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Bitcoin Finds Support

Bitcoin $28k Bearish Target Smashed! What Next?
Bitcoin $28k Bearish Target Smashed! Price finds support at key level. What next?

The Bitcoin dump as pushed the crypto price into the $28k key support. This support was the base for the recent Bitcoin rally we saw and could be the perfect base of Bitcoin traders to start buying the deep.

However, before you jump in and start clicking the Buy button, you need to watch the $43,498 resistance and the $28,978 support levels on the Bitcoin price chart.

Bitcoin $28k Bearish Target Smashed! What Next?
Bitcoin price is currently ranging watch these levels on the 4-hour timeframe

If Price continue to trade within these two channels, we can expect Bitcoin to range.

Bitcoin Bullish Price Prediction

Bitcoin bullish price prediction on the 4-hour timeframe

For the Bitcoin bullish prediction, we want to see price break and close above the $43,498 resistance. This would signify that the bulls are back and buying the deep from the current lows we are trading at right now.

Bitcoin Bearish Price Prediction

Bitcoin bearish price prediction on the 4-hour timeframe

For the bearish prediction, we want to see the Bitcoin price break and close below the $28k support. A break below this support could trigger a deeper retracement in the Bitcoin price in the coming days.

[Bybit]

Final Verdict!

The Bitcoin price is currently trading in a ranging market on the 4-hour timeframe. And until the price breaks through the $43,498 resistance or the $28,978 support levels, we will remain neutral and wait.

More Trading Ideas

For more trading ideas, check out our Technical analysis on XRP and Litecoin.

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