The Bitcoin price is currently trading within a Descending Channel pattern on the 1-hour timeframe. This pattern offers us key levels to watch for as well as an idea of what the BTC price might do in the coming days.
In this Bitcoin analysis, we will be talking about this descending channel pattern, as well as the key levels we are currently watching in the coming days.
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Key Levels To Watch!
The main levels to watch are the two channels forming the descending channel pattern on the 1-hour timeframe. We have seen the Bitcoin price bounce in between these two channels numerous times on previous occasions and might continue to do so in the coming days.
Right now the BTC price is going back up to test the resistance channel. If this level holds, there is a very high probability that we might see a sharp sell-off come into play soon.
However, if this key channel resistance breaks, there is a very high probability that this would invalidate this Bitcoin bearish prediction. This makes this channel resistance the most important level for the Bitcoin bears if they want to continue holding on to this market in the coming days.
Best Bearish Confirmation Region!
For the Bearish confirmation we need to indicate the start of this Bitcoin sell-off back down to the base of the descending channel pattern, we are going a timeframe lower to the Bitcoin 15 minutes chart (multiple timeframe analysis).
In this 15 minutes timeframe, we can see the Bitcoin price has always found support at the $56,087 horizontal key level. And it has done so on 4-previous occasions in the past!
This is the key support we want to be broken to confirm the start of the Bitcoin sell-off down to the base of the Descending channel pattern! And this key support must be broken in the 15 minutes timeframe.
Bitcoin Bearish Prediction!
For the Bitcoin Bearish prediction, we want to see the BTC price break through the $56,087 key support on the 15 minutes timeframe. Once this key level gets broken, there is a very high probability that we might see a sharp price sell-off.
This sell-off could see the Bitcoin price lose more than 7% in value in the coming days with our price target being the base of the descending channel pattern.
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