This Pattern Is Very Bearish For Bitcoin! Break Down Today?

7:52 pm, Sun, 25 April 21

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This Pattern Is Very Bearish For Bitcoin! Break Down Today?
Bitcoin forming a new bearish converging triangle pattern on the 30-minutes timeframe

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.

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Watch This Level For The Break Down!

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Bitcoin getting ready to breakout from this triangle pattern on the 30-minutes timeframe

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.

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Bearish price scenario for Bitcoin on the 30-minutes timeframe

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

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Bitcoin needs to break the $49,085 minor support to confirm our bearish bias

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

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$46,637 bearish target for Bitcoin on the 30-minutes timeframe

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.

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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!

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