Today we saw a massive crash in the Bitcoin price, this crash drove Bitcoin below the most important key support I talked about yesterday in my previous Bitcoin analysis titled “This Is Really Bad For Bitcoin. Will Price Continue To Crash?”
In that analysis, I pointed out the $11,104 key support as the critical price level still holding the Bitcoin price up.
Well, fast forward to today and that support has been completely broken.
Not only that, the support was broken with a very high bearish trading volume. This high volume pushed the Bitcoin price straight down to my profit target of $10,500 in just a few hours.
Well, the big question now is “what is next for Bitcoin?“. Will the price continue to crash lower or are we likely to see the bulls step in soon and push the Bitcoin price back up?
In this Bitcoin analysis, I will be answering those questions to the best of my ability and sharing my forecast on Bitcoin and what I believe the Bitcoin price will likely do in the next few days.
Will The Bitcoin Price Continue To Crash?
Taking a look at the bigger picture, we can see the Bitcoin price is currently at a very important price level.
This $10,500 Bitcoin price level as served as both support and resistance for the Bitcoin price on numerous occasions in the past.
There is a very high likelihood that the Bitcoin sellers might find it very difficult to break through this key support and therefore it is a good idea to stand aside and wait for the Bitcoin price to decide in what direction it would like to take.
Important Price Levels To Watch
In this section I will be giving you my Bitcoin price forecast for both the bullish and bearish scenario. This way, you can be best prepared to take advantage of the move no matter what direction it picks.
Bitcoin Bearish Scenario
For the Bitcoin sell off to continue, I need to see the Bitcoin price break through the $10,500 support region. My likely target for this renewed sell off is the $9,535 support region.
This $9,535 support region as been very important for the Bitcoin price and I believe it might come into play again if Bitcoin crashes to that region.
Bitcoin Bullish Scenario
For The Bullish scenario, the most important levels I am watching is that previous $11,104 support now turned resistance. This level might prove troublesome for the Bitcoin buyers to breakthrough.
For my bullish bias to be reestablished, I need to see the Bitcoin price break and close above that horrizontal resistance.
But until it does that, my outlook and bias for Bitcoin will remain bearish.
There is also a likely price scenario where Bitcoin will retest that $11,104 support before crashing back down.
This makes it very important for you to wait for that price break and bullish confirmation above $11,104 before looking for any buying oportunity.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.