Bitcoin Bears Still In Control. Next Target $41,329!

2:38 pm, Sat, 24 April 21

Current Bitcoin Data

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Bitcoin Ranging Market Is Over. Get Ready For This Move

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.

Bitcoin Bears Still In Control. Next Target $41,329!
Bitcoin Bears Still In Control. Next Target $41,329!

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Sell Opportunity: Key Levels To Watch

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Bitcoin price trading below the $50,458 key support on the 4-hour timeframe

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.

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Bitcoin did a break-down and retest of the $50,458 key level on the 4-hour timeframe

Final Verdict!

Bitcoin Bears Still In Control. Next Target $41,329!
Bitcoin bearish price prediction on the 4-hour timeframe

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.

Bitcoin Bears Still In Control. Next Target $41,329!
Bitcoin bullish alternative scenario on the 4-hour timeframe

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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You can learn everything you need to know about trading by reading our How To Trade Bitcoin Guide. It is the best crypto beginners guide on the internet. You can also check out our top list of Best Bitcoin Exchanges To Trade With.

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