The crypto market was in a free fall today as both the Bitcoin and Ethereum prices sold off steeply giving back most of the gains from last week’s crypto rally.
One of the biggest causes of this bearish sentiment by crypto traders is the current growing crackdown on crypto trading and crypto exchanges around the world. Binance is the latest exchange making the news, facing more and more scrutiny from regulators.
- Binance to Shut Down Crypto Derivatives Trading in Europe
- Binance Banned in Malaysia? Other Updates About the Crypto Exchange.
However, this bearish bias might soon be fading away. Watch these key levels and patterns currently forming on the Bitcoin 15 minutes timeframe. If they hold, we might just see the Bitcoin price rally back up soon!
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The $38,356 Key Support.
The first key level we are watching is the $38,356 key support on the 15 minutes timeframe. This support has held price on numerous occasions and might be the best place for the bulls to reclaim the market.
If this price level holds, we might see a price bounce and rally back up soon.
It is very important for Bitcoin to hold this $38,356 support on the 15 minutes timeframe because a break below it could see this current bearish trend in Bitcoin continue.
Flag Pattern Provides More Bullish Confirmation!
Bitcoin is currently forming a flag pattern around this $38,356 support, pointing to the fact that the price is currently accumulating momentum for a new move soon.
This pattern has the potential to break out in any direction, but when you factor in the $38,356 key support, a bullish breakout seems more possible.
The big question now is can the Bitcoin bulls hold onto the $38,356 support in the coming days or will we just see price contine to nose dive.
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