In under 48 hours, the price of Bitcoin crashed more than 28% from its previous ATH, breaking through various supports and key levels we talked about in our previous Bitcoin analysis First Profit Target Met. Bitcoin To Surpass $40k Soon! Why?.
In that analysis, we talked about the potential for the Bitcoin price to break through the $34,653 horizontal support and crash as low as the base of the expanding channel in the coming days.
Well, that bearish target has just been met, and Bitcoin is getting ready to make another massive move soon. In this Bitcoin analysis, we will talk about this coming move as well as the bullish and bearish price scenarios that might play out in the coming days.
Bitcoin Heading Back Up!
The Bitcoin price is currently finding support at the base of the expanding channel. However, for this bullish momentum to continue, the Bitcoin price must break through the $34,653 resistance.
The first target to watch for is the top of the expanding channel, this has served as the Bitcoin price resistance on numerous occasions and might come into play again in the coming days.
A bullish break of that expanding channel will see us testing the previous all-time high and probably breaking through it also in the coming days.
Bitcoin Bearish Alternative
However, if the Bitcoin price fails to break through the $34,653 critical resistance. There is a high probability that we might see a Bitcoin crash back down to the base of the channel or even lower to the $24k price level. This would be an additional 15% to 36% Bitcoin crash.
We wait for Bitcoin to either breakthrough or crash from the $34,653 critical resistance region before looking for a trade opportunity to the upside or downside.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With