In our previous Bitcoin analysis Bitcoin Making One Last PullBack Before The Rally? Watch These Levels, we talked about the $58,235 key support and how it was important for Bitcoin to hold that support if it did eventually sell off to that region.
A break below that $58,235 support meant more weakness for the Bitcoin price, and that is exactly what we saw happen!
Once that support gave way, we saw what we could term a “flash crash” back down to the $51,513 price region. This is about a 20% dump in price from its previous highs. The big question now is:
Is the Bitcoin sell-off over, and where can we expect to see Bitcoin bounce?
We also did a short Youtube video explaining the current Bitcoin sell-off. Andy one of our Bitcoin analysts at Bitcoinsensus predicted this bearish move way before it happened. And right now, he has another mind-boggling prediction you need to watch!
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Bitcoin Already Running Into Support
First, we need to acknowledge that the Bitcoin chart has evolved, and right now we are seeing an ascending triangle pattern playing out as we speak. This pattern is bearish and the Bitcoin dump confirms this bias.
However, the Bitcoin price is already running into a few key supports that might prevent any further crash. The first support we are watching is the $50,458 price region.
This price region has served as a minor level on multiple occasions and might do so again in the coming days. A bounce from this area could see us surging back up above the current ATHs and heading back up to our target of $70k.
However, if this $50,458 level gets violated, the next level we will be watching is the $41,329 price region.
Final Verdict: What Can You Do Right Now?
Right now, Bitcoin is still bearish for the short term, the best line of action is to wait to see how Bitcoin will react to the $50,485 and $41,329 support levels.
If any of these levels hold, we want to see bullish momentum return back into the market and begin to push the Bitcoin price higher for us to be interested in buying again.
You can also decide to short Bitcoin for the short term, to learn how to do so read our How To Short Bitcoin guide.
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