Table of Contents
The Bitcoin price is currently trading in a Diagonal Pattern in the 1-hour timeframe. This pattern helps us better understand exactly what the ETH price might be up to next and the key levels to watch.
We believe there is a very high possibility for us to see a -10% decline in the value of Bitcoin soon. And in this BTC analysis, we will be breaking down why as well as our bearish price scenario for this coming sell-off in price.
To trade BTC with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $4,450 Bonus and up to 30 days of 0% Maker fee when you sign-up and fund your Bybit account with our Bybit link
Bitcoin Diagonal Pattern
The Bitcoin price is currently trading in a Diagonal Pattern in the 1-hour timeframe. And right now, the BTC price is testing the resistance of this pattern, if this resistance holds, there is a very high probability that we might see a sell-off in the coming days.
A sell-off like this could easily become a -10% dump for Bitcoin as the price sells off back down to the base support of the Diagonal pattern.
But for this bearish prediction to remain valid, the Bitcoin price must respect and continue to trade below that resistance channel for the diagonal pattern in the 1-hour timeframe.
Ethereum Bearish Confirmation!
For us to confirm the start of this sell-off in Bitcoin, we need to see the price breakthrough and close below the $23,422 minor support in the 1-hour timeframe.
A price break below this minor support could see us selling off rapidly in the coming days. However, if this minor support continues to hold, the Bitcoin bulls will just keep fighting to push prices back up.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
