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The Bitcoin price broke out of the converging triangle pattern we have been tracking on the 15 minutes timeframe, crashing more than 3% in just a few hours.
However, that sell-off might not be over yet, the Bitcoin price is currently retesting a key level on the 15 minutes timeframe. If this level holds, we might see Bitcoin sell-off back down to the $36k price level in the coming days.
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The $38,907 Key Support
We talked about this $38,907 key level over and over again in our Bitcoin analysis IS Bitcoin Running Out Of Steam? Watch This Divergence! In that analysis, we warned that a break of this 15 minutes horizontal support might lead to more Bitcoin sell-off!
Right now, Bitcoin is trading below that $38,907 support, building momentum to continue trending lower. If this key level on the 15 minutes timeframe holds, we might see our bearish bias on Bitcoin play out very soon!
However, for this bearish prediction to remain valid, Bitcoin needs to respect that $38,907 region. As far as Bitcoin continues to trade below it, we will remain bearish on the Bitcoin price for the short term.
Bitcoin Bearish Targets
We are watching the $37,344 and the $36,379 key supports for our bearish targets on Bitcoin.
If the Bitcoin price begins to sell off in the coming days, there is a very high likely hood that the price might find support at one of these price levels in the 15 minutes timeframe.
Our Bitcoin bearish prediction is only valid if the price respects and continues to trade below the $38,907 key region on the 15 minutes timeframe!
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