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The Bitcoin price is setting up for a potential -12% dump in prices. And in this Bitcoin analysis, we will be breaking down why, what we are currently watching, as well as the key levels we will be keeping a close eye on in the coming days.
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Bitcoin Setting Up For A Sell-Off
The key pattern we are watching is the current channel Pattern the Bitcoin price is trading in. This pattern offers us a clear picture of what the Bitcoin price might be up to and what we should be expecting in the coming days.
However, for us to confirm the start of this Bitcoin sell-off, a key minor support needs to be broken in the 4-hour timeframe. This minor support is the only thing currently standing in the way of this potential -12% dump in the Bitcoin price.
Bitcoin $22,349 Minor Support!
For us to confirm the start of the sell-off in Bitcoin, the BTC price will need to break through and close below the $22,349 minor support in the 4-hour timeframe.
This minor support is the only level currently stopping this potential -12% dump in the price of Bitcoin. Once it breaks, there is a very high probability that we might just see a sharp move down.
However, if this $22,349 minor support level continues to hold strong, we will stand aside and continue to wait for this bearish confirmation to play out in the Bitcoin price before looking to enter any sell trade.
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