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Our bearish target for Bitcoin has been smashed and right now, Bitcoin is trading at the base of the channel as we predicted in our previous Bitcoin analysis Bitcoin Flag Pattern Playing Out As Predicted! Watch This Level
The important question we will be answering in this analysis is what next for Bitcoin now? Should we expect a massive dump in price in the coming days or will Bitcoin price continue to range?
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Is It Time For The Massive move? Key Levels To Watch!
One of the key levels to watch on the Bitcoin chart is the base of the flag pattern in the 1 hour timeframe. If this level holds we can expect to see Bitcoin rally one last time before finally selling-off.
However, if Bitcoin broke through the base of that flag pattern the key level to keep an eye on to confirm our bearish bias would be the $32,126 support level.
The Bitcoin price has tested and rejected this horizontal support twice already proving its validity as a strong support region.
Bitcoin Bearish Price Prediction
For the Bitcoin bearish prediction, we want to see a price break and close below the $32,126 support. This price break will confirm the end of the ranging market and the resumption of the bearish trend in Bitcoin.
A break of this $32,126 support has a very high probability of pushing the Bitcoin price way below the $28k key support level.
The bearish target to aim for is the $24,121 level. This is the standard target for this pattern and has a very high probability of getting smashed soon! But for this to happen, Bitcoin must first break through the $32,126 level.
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For More Trading Ideas
For more trading ideas, check out our bullish price prediction for Ethereum and Bitcoin.
Related Article: ETH Retracement Might Be Over! Sell Now?
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