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In our BTC previous analysis Bitcoin Running Into Major Daily Supports! Should We Expect A Bounce Soon? we talked about the $32,987 key support area building up in the Daily timeframe and how we could see a massive bounce in price if this key support was held.
But what happens if this $32,987 major Daily support gets broken?
Well this Bitcoin TA answers that question. In this Bitcoin analysis, we will be taking on a more pessimistic look at Bitcoin and talking about what the bearish scenarios might look like if the bulls failed to hold this $32,987 Daily support in the coming days.
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Bitcoin Bearish Price Scenarios!
For the Bitcoin bearish scenario, we want to see a price break and close below the $32,987 key support in the Daily timeframe.
A break below this horizontal support will also mean a price break below the long-term support channel that has been holding the BTC price up since last year too.
This kind of bearish breakdown would be a very negative sign for Bitcoin. And it could lead to more sell-off in prices in the coming days.
Bearish Targets For BTC
A bearish breakdown in the Bitcoin price could easily see us coming back down to test the $29,314 major support in the daily timeframe.
This is a -10% drop in value and it pushes Bitcoin back down to the last major support for the price in the Daily timeframe.
If this $29,314 major support fails to stop the sell-off too, we might be entering a Bitcoin-free fall in the coming days.
Bitcoin Free Fall
Once Bitcoin breaks through the $29,314 major daily support, its price will have no new major support to hold on to in the daily timeframe. This could easily see us entering a free fall and crashing back down to the $14 k price region.
This makes it very important for us to see the Bitcoin bulls start coming back into the market to defend this $32,987 first support and the $ 29,314-second support at all costs.
As the price develops you can expect us to keep you updated with what is going on in Bitcoin.
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