Urgent: Bitcoin Might Enter Into Free Fall If These Key Supports Fails!

5:02 pm, Sat, 7 May 22

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In our BTC previous analysis Bitcoin Running Into Major Daily Supports! Should We Expect A Bounce Soon? we talked about the $32,987 key support area building up in the Daily timeframe and how we could see a massive bounce in price if this key support was held.

But what happens if this $32,987 major Daily support gets broken?

Well this Bitcoin TA answers that question. In this Bitcoin analysis, we will be taking on a more pessimistic look at Bitcoin and talking about what the bearish scenarios might look like if the bulls failed to hold this $32,987 Daily support in the coming days.

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Bitcoin Bearish Price Scenarios!

For the Bitcoin bearish scenario, we want to see a price break and close below the $32,987 key support in the Daily timeframe.

A break below this horizontal support will also mean a price break below the long-term support channel that has been holding the BTC price up since last year too.

This kind of bearish breakdown would be a very negative sign for Bitcoin. And it could lead to more sell-off in prices in the coming days.

Bitcoin Might Enter Into Free Fall If These Key Supports Fails! Watch the first key support at $32,987 in the daily timeframe
Bitcoin Might Enter Into Free Fall If These Key Supports Fails! Watch the first key support at $32,987 in the daily timeframe

Bearish Targets For BTC

Bitcoin Might Enter Into Free Fall If These Key Supports Fails! Watch the second key support at $29,314 in the daily timeframe
Bitcoin Might Enter Into Free Fall If These Key Supports Fails! Watch the second key support at $29,314 in the daily timeframe

A bearish breakdown in the Bitcoin price could easily see us coming back down to test the $29,314 major support in the daily timeframe.

This is a -10% drop in value and it pushes Bitcoin back down to the last major support for the price in the Daily timeframe.

If this $29,314 major support fails to stop the sell-off too, we might be entering a Bitcoin-free fall in the coming days.

 Bitcoin Might Enter Into Free Fall If These Key Supports Fails! Watch the most important key support for Bitcoin in the daily timeframe
Bitcoin Might Enter Into Free Fall If These Key Supports Fails! Watch the most important key support for Bitcoin in the daily timeframe

Bitcoin Free Fall

Once Bitcoin breaks through the $29,314 major daily support, its price will have no new major support to hold on to in the daily timeframe. This could easily see us entering a free fall and crashing back down to the $14 k price region.

 Bitcoin Might Enter Into Free Fall If These Key Supports Fails! Watch the most important key support for Bitcoin in the daily timeframe
Bitcoin Might Enter Into Free Fall If These Key Supports Fails! Watch the most important key support for Bitcoin in the daily timeframe

This makes it very important for us to see the Bitcoin bulls start coming back into the market to defend this $32,987 first support and the $ 29,314-second support at all costs.

As the price develops you can expect us to keep you updated with what is going on in Bitcoin.

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