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The crypto market ended the trading day flat with most cryptocurrencies trading sideways all through the day.
The Bitcoin price is also playing out exactly as we predicted. We saw a sharp decline in the Bitcoin price with Bitcoin selling off to the $31,628 price region before the price retraced some of those losses after finding support at the base of the descending channel.
If this base holds strong, we expect to see the Bitcoin price continue to rally higher in the coming days.
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Pattern Update: Bitcoin Forming New Pattern!
Bitcoin is currently accumulating again and forming a new key pattern that might help us predict exactly when next we might see a price rally in the Bitcoin price.
This flag pattern also gives us a high probability short-term target for the Bitcoin price to get to before finding resistance in the coming days.
A break of this resistance would only signify an increasing potential for us to see the Bitcoin bulls come back into the market with force.
Key Levels To Watch
The flag pattern is a bearish price pattern, and while the price might still be bouncing within the pattern, there is a very high probability for us to see a price breakout to the downside in the coming days.
If this analysis plays out as predicted, we might see Bitcoin sell-off back down to the $28k regions soon! But for that to happen, Bitcoin needs to break through the base of the flag pattern.
A price break and close below this level only confirm our bearish bias and point to the start of the Bitcoin sell-off on the 1-hour timeframe.
Ethereum Supports This Bitcoin Bearish Bias!
The Ethereum price also supports the bearish bias on Bitcoin. Today the Ethereum price traded around its $2,025 key level, testing the previous support now turned resistance.
If this $2,025 level holds, we can expect to see more bearish price action from Ethereum in the coming days.
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