Must Read: What Just Happened To Bitcoin? Watch These Levels

11:38 am, Sun, 18 April 21

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
Untitled Design 33 1024x576
Bitcoin chart from previous analysis Bitcoin Making One Last PullBack Before The Rally? Watch These Levels

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!

Must Read: What Just Happened To Bitcoin? Watch These Levels
A Bitcoin 4-hour chart showing the 20% Bitcoin dump that occurred in a matter of days

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!

Claim up to $1610 in Bonus

100x Leverage

Bitcoin Already Running Into Support

Bitcoin analysis
Bitcoin just broke out of an ascending triangle pattern on the 4-hour timeframe

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.

Must Read: What Just Happened To Bitcoin? Watch These Levels
Bitcoin running into the $50,458 support region on the 4-hour timeframe

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.

Must Read: What Just Happened To Bitcoin? Watch These Levels
Bearish analysis on the 4-hour timeframe showing a likely possibility for Bitcoin to crash down to the $41,329 support region in the coming days

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.

Take advantage of this trade setup by signing up to Bybit. You also get up to $200 in bonus when you sign up using our Bybit link and make your first deposit.

Claim up to $1610 in Bonus

100x Leverage

New And Looking For How To Start Trading?

We have the best How To Trade Bitcoin Guide for beginners. You will learn everything you need to know about trading cryptocurrencies, with examples and detailed explanations of all concept related to Leverage trading and Margin. You can also check out our top list of Best Bitcoin Exchanges To Trade With.

Do Less Earn More

Invest with professional traders on PrimeXBT and automatically copy all their trades to make money from the crypto market while doing nothing. This method is called Covesting and it is perfect for both new and experienced traders. You can sign-up using this link PrimeXBT Covesting.

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $1610 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Claim up to $130 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Get 50% Deposit Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto:

Leave a Reply

Your email address will not be published. Required fields are marked *