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Bitcoin just recently broke out from a bearish converging triangle pattern we talked about in a previous analysis, dumping more than 17% as a result. And right now, the Bitcoin price is forming that same bearish triangle pattern again on the 30 minutes timeframe.
This pattern is pointing to a likely sell-off in price soon! And in this analysis, we will be explaining how to take advantage of it if the sell-off does happen.
Watch This Level For The Break Down!
Right now, Bitcoin is still ranging within this converging triangle pattern, but we can expect to see a breakout either to the upside or downside very soon.
We are still very bearish on Bitcoin and will be looking to take advantage of only a bearish breakdown from the converging triangle pattern. And as far as Bitcoin continues to trade below the $50,458 key resistance region we will be looking to only short the cryptocurrency.
We talked in much detail about why this level is important as well as our bearish target in a recent Bitcoin analysis Bitcoin Bears Still In Control. Next Target $41,329!
Best Entry Confirmation
A price break and close below the $49,085 minor support region is the confirmation we need for our bearish bias on Bitcoin. This price region served as minor support in the past and a break below it could signify the Bitcoin selling pressure is back on.
Bearish Target
Our bearish target for this Bitcoin sell-off will be the $46,637 price region. This is the standard take profit target for this bearish pattern.
If you are still new to the idea of profiting from a bearish market, you can read our How To Short Bitcoin guide.
Also, the best platform we are recommending for trading Bitcoin is Bybit. The platform is the best in the industry and you also get up to $1,610 in bonus to trade with when you sign up using our Bybit link and make your first deposit. This $1,610 bonus is only available for a short while, so take advantage of it immediately!
Buy Set-Up On ETH!
We created a short Youtube video where we analyzed the Bitcoin and Ethereum price chart and what exactly is going on. Don’t miss this by setup playing out on ETH!
Looking To Start Your Journey As A Trader
You can learn everything you need to know about trading the cryptocurrency market profitably by reading our How To Trade Bitcoin Guide. This guide is the best crypto beginners guide on the internet. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
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