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The Bitcoin price crashed more than 8% in a matter of hours today. But while many analysts are becoming bearish and screaming for more Bitcoin sell-off we are going to be painting a totally different picture.
In this Bitcoin analysis, we will be talking about how the $31,449 resistance is still holding and how this bearish breakout we are seeing might be a fakeout!
[primexbt]
The Bitcoin Bulls Are Fighting Back
Our $31,449 key resistance region is holding strong confirming its validity. If this level continues to hold, there is a very high probability that the Bitcoin price will reverse and rally back higher in the coming days!
If this Bitcoin bullish prediction plays out, we can classify this 8% Bitcoin dump as a bearish fakeout.
What Next?
If the $31,449 support level holds, we expect to see a Bitcoin rally in the coming days. This would confirm an increasing buying power entering the Bitcoin market.
The key resistance to watch for is the $41,885 key level. If Bitcoin breaks the $41,885 key resistance, this points to the resumption of the Bitcoin bullish trend.
However, if this resistance holds we might just see the Bitcoin price play out like it has been doing for the past few weeks.
If this bullish prediction plays out, this would be a 32% value gain for Bitcoin in the coming days!
Final Verdict
Bitcoin is still bullish and there is a very high probability for the price to rally back up in the coming days. But for that to happen, Bitcoin must continue to trade above the $31,449 support region.
A break and close below this region only signify more bearish trend to come for the Bitcoin price.
[primexbt]
Easy Steps From Beginner To Pro Crypto Trader
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