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The Crypto market ended the day bearish as the price of Bitcoin continued to sell off, dragging the Altcoins down with it. We also saw negative fundamentals for Bitcoin today as more investors got spooked by the increasing government scrutiny of the crypto industry Heavy Outflow of Bitcoin from Centralized Exchanges Noted? What Does it Mean for BTC?
However, the bulls are still fighting back, showing signs of strength even as the price failed to break through the $38,356 key support on the 15 minutes timeframe.
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We talked in-depth about the importance of this support to the current bull rally in our previous Bitcoin analysis, This Could Change Everything For Bitcoin! End Of Sell-Off?
If this support continues to hold, we can expect to see the Bitcoin price rally in the coming days! And in this analysis, we will be talking about the descending channel that can help us pinpoint exactly when this rally might begin.
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The Bitcoin Decending Channel
Bitcoin is currently trading within a descending channel on the 15 minutes timeframe. This channel gives us key levels to watch for the Bitcoin price to either bounce off or breathrough in the coming days.
Bitcoin Bullish Prediction
For the Bitcoin bullish prediction, we want to see the price break out of the descending channel to the upside. A break like this would confirm our bullish bias and point to more Bitcoin rallies to come.
Right now, Bitcoin is testing the $38k support and holding strong. If this continues to hold, we might begin to see that Bitcoin bullish momentum come back in as early as tomorrow.
Bitcoin Bearish Prediction
There is also a very high probability that we might see the current sell-off in Bitcoin continue in the coming days. But for that to happen, Bitcoin needs to break and close below both the $38k support and the descending channel on the 15 minutes timeframe.
Until that happens we will remain bullish on the Bitcoin price for the short term timeframe.
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