The BTC price has been playing out as we predicted, and while many crypto analysts might be shouting “the end of the bear trend!” we think otherwise. And in this cryptoanalysis we will be talking about the important levels we are watching, our price predictions for the coming days and why we are remaining bearish on Bitcoin for now!
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Bitcoin Is Still Bearish!
In our previous Bitcoin analysis Bitcoin Bearish Target Smashed! Is It Time For The Massive move? we warned our readers of the potential for Bitcoin to find support at the $32,1276 support region. But in that analysis, we also warned that this support does not signify the end of the bearish Bitcoin trend.
For Bitcoin to break out of the bearish trend, the price must first break through the $40,757 level first! And right now the Bitcoin price is still trading way below it!
As far as Bitcoin continues to trade below this $32,1276 reistance level, we will remain bearish on the Bitcoin price.
What Next For Bitcoin?
In the coming days, we expect Bitcoin to begin to sell-off again, and the most important level to watch to confirm that this bearish trend as started is the $33,846 previous low.
A price break of this low creates a lower low price scenario pointing to bearish strength building on the Bitcoin price and confirming our bearish bias.
Right now, Bitcoin rallied back into the flag pattern we have been trading in for a while now and this in no way points to Bitcoin price action becoming bullish! So be very cautious about any bye trade you are entering right now because sooner or later Bitcoin will dump!
Bitcoin Sell-Off Is Not Over! Final Verdict!
We are still very bearish on Bitcoin and looking for the Bitcoin price to continue selling off in the coming days. The key level to watch for the confirmation of this bearish bias is the $33,846 level.
A break below this level signifies the resumption of the bearish trend in the Bitcoin price! However, if Bitcoin continues to trade above this $33,846 price level we remain neutral, stand aside and wait for Bitcoin to make a move.
If you still doubt how accurate we have been in predicting the Bitcoin price, then check out our previous analysis below. You also get a $1,610 Bonus to trade with right if you sign up with our Bybit link.
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- Bitcoin Still Consolidating. Watch This Flag Pattern!
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