The Bitcoin price has been selling off as predicted with our first target level getting smashed flawlessly. However, the Bitcoin bears are still in full control as the price of the largest cryptocurrency in the world broke through a key support level and now has a lot of potentials to sell off to our next target of $41,329.
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Sell Opportunity: Key Levels To Watch
The first level we are watching is the $50,458 previous support now turned key resistance. This price level as served as key price level on numerous occasions and might do so again.
We can already see Bitcoin retesting the resistance region and failing, providing us with more confirmation for our bearish bias.
If the Bitcoin price continues to trade below the $50,458 price level, we will remain bullish for the short term for Bitcoin with our next bearish target being the $41,329 key level.
However, if the Bitcoin price breaks through and closes above the $50,458 resistance region, we might need to reconsider our bearish bias and consider a possible bullish scenario with Bitcoin surging back up.
It is very important to keep an eye on that level and get ready to step aside once it gets violated. Bitcoin as been known to make massive rallies after pulls backs so be very carefull when you are shorting the cryptocurrency.
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We also did a short technical analysis video on Bitcoin where we talked about the patterns forming on the 15 minutes timeframe and how they can change the way you are currently looking at Bitcoin.
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