The Bitcoin Sell-Off Might Be Over! Watch This Descending Channel

3:12 pm, Thu, 19 August 21

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Bitcoin still selling off. Watch this key level playing out on the 15 minutes timeframe

The Bitcoin sell-off has continued today, dragging most of the cryptocurrency market down with it.

One of the main reasons fueling this current bearish pressure building up in Bitcoin is the planned U.S tax on cryptocurrencies.

This proposed tax plan has affected the number of institutional investors willing to step into the crypto market reducing the demand for cryptocurrency.

For the full details about this proposed tax plan as well as its effects on the Institutional Demand For Bitcoin read How Have the Crypto Tax Plans in the USA Affected Institutional Investors?

However, this price sell-off might be ending soon! In this Bitcoin analysis, we will be talking about the descending channel we are currently watching on the 15 minutes timeframe and how it can help us pinpoint exactly when this bearish sell-off might end.

The Bitcoin Sell-Off Might Be Over! Watch This Descending Channel
The Bitcoin Sell-Off Might Be Over! Watch This Descending Channel on the 15 minutes timeframe

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The Bitcoin Decending Channel!

Bitcoin still trading around the $46k to $42k key support on the 4-hour timeframe

Bitcoin is still trading around the key $46k to $42k key level on the 4-hour timeframe. This key level points to a higher probability for us to see the Bitcoin price bounce and rally in the coming days.

And right now, this descending channel forming on Bitcoin will help us pinpoint when exactly this price sell-off might be over.

The Bitcoin Sell-Off Might Be Over! Watch This Descending Channel
The Bitcoin Sell-Off Might Be Over! Watch This Descending Channel on the 15 minutes timeframe

Bitcoin Bullish Prediction

For the Bitcoin bullish prediction, the key level we are watching is the base of the channel. We want to see Bitcoin respect that and continue trading above the base of that descending channel.

A break below it could only mean more bearish momentum for Bitcoin.

The Bitcoin Sell-Off Might Be Over! Watch This Descending Channel
The Bitcoin Sell-Off Might Be Over! Watch This Descending Channel on the 15 minutes timeframe

Final Verdict!

Bitcoin is getting ready to make a breakout soon! We have been trading within a descending channel and very soon we might see a breakout occur.

For the bullish breakout, we want to see Bitcoin continue to respect the base of the descending channel on the 15 minutes timeframe. If this channel is respected, we can expect to see price find support and rally higher soon!

The Bitcoin Sell-Off Might Be Over! Watch This Descending Channel
The Bitcoin Sell-Off Might Be Over! Watch This Descending Channel Bitcoin bullish prediction

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