In a previous analysis on Bitcoin Is The Bitcoin Sell-Off Over? Price Approaching This Key Support. Will It Hold? we talked about the $26,697 major support the Bitcoin price was running into in the 4-hour timeframe.
We warned our readers that this $26,697 price level was the last major support Bitcoin had in the 4-hour timeframe. A price break below this support could see the bearish move down pickup momentum and accelerate lower.
Well, that bearish prediction is playing out! The Bitcoin price is now officially trading below the $26,697 key support. This price breakdown has also turned this previous support into new resistance!
And in the coming days, we expect to see more sellers begin to pile up into this Bitcoin bearish move and push the prices lower.
In this Bitcoin analysis, we will be breaking down the new key levels we are currently watching as well as the next bearish targets we think the ETH bears will push the price to in the coming days.
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Bitcoin Bearish Price Scenario!
The most important key level we are watching right now is the $26,697 key resistance in the 4-hour timeframe.
For Bitcoin to remain bearish, this key level needs to hold. From this point on the price chart, we expect to see more selling pressure come into the market and begin to push the Bitcoin price lower in the coming days.
As for the bearish target, we believe there is a very high probability for us to see the Bitcoin price crash to the $20,000 region in the coming days.
Bitcoin To $20,000?
The next major level on the Bitcoin price chart is the $20k previous resistance in the 4-hour timeframe.
There is a possibility Bitcoin will sell off to this price level to test that $20k region before we see any major buying power come back into the market.
This is a more than -20% dump in the price of Bitcoin and there is a very high probability that we might see play out gradually all through the day.
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