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The crypto market ended the trading day deep in the red. The Bitcoin sell-off only intensified today as the cryptocurrency price continues to play out exactly as we predicted in our previous End of Day Analysis: Bitcoin Crashing As Predicted! ETH Testing Key Support
However, right now Bitcoin is trading around minor horizontal support within the descending channel. We have seen the price bounce around this $32,453 minor support on two other occasions and might do so again in the coming days.
Continue reading for both the bullish and bearish price scenarios for Bitcoin and the key levels you should watch for.
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Bitcoin Bullish Price Scenario
For the Bitcoin bullish price scenario, we want to see the Bitcoin price respect the $32,453 minor support. If this happens we might see history repeat in the Bitcoin price.
A price rally from around this $32,453 support region will push Bitcoin back up to the top resistance of the descending channel pattern or even above it in the coming days.
Bitcoin Bearish Prediction!
If Bitcoin breaks through the $32,453 support on the 1-hour timeframe, we might see the Bitcoin price continue its drop in the coming days.
This potential Bitcoin sell-off is very bearish for the crypto market in general and signifies that we might see more red days in cryptos for a while.
The target bearish support to watch next would be the base of the channel. This channel base has held the Bitcoin price before and might do so again if the price gets to those levels.
Ethereum Selling-Off
The Ethereum bulls have lost the battle for the $2,025 key support on the 4-hour timeframe. This points to more weakness coming into the Ethereum market.
There is a very high probability that we might see Ethereum sell-off continue in the coming days. The next key level would be the previous lows.
Final Verdict!
Bitcoin is at a critical point, can the bulls come into the market and push prices higher from the $32,453 minor support region on the 1-hour timeframe, or should we expect the price to continue selling off?
Ethereum on the other hand just broke through key support and is looking bearish!
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