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Warning: Bitcoin Could Sell Off To This Key Level. Find Out Why?

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The key pattern we are watching play out right now in the Bitcoin 1-hour timeframe is the Bearish Flag Pattern.

This Bearish Flag pattern is a continuation pattern that indicates more sell-off for Bitcoin in the coming days. If this pattern plays out completely, there is a very high probability that we might see up to a -7% crash in Bitcoin value as the days go on.

Bitcoin Could Sell Off To This Key Level. Find Out Why? Bitcoin price prediction in the 1-hour timeframe
Bitcoin Could Sell Off To This Key Level. Find Out Why? Bitcoin price prediction in the 1-hour timeframe

In this Bitcoin analysis, we will be breaking down this bearish outlook in Bitcoin as well as the key levels we are currently watching for the Bitcoin price to find support.

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The Next Key Support For Bitcoin!

Bitcoin Could Sell Off To This Key Level. Find Out Why? Bitcoin price prediction in the 1-hour timeframe
Bitcoin Could Sell Off To This Key Level. Find Out Why? Bitcoin price prediction in the 1-hour timeframe

The next major support for Bitcoin is the $17,798 support region in the 1-hour timeframe.

We have seen the Bitcoin price try to break below this support region in the past and failed, there is a very high probability that we might see it try to break below again in the coming days.

Not only that, this $17,798 support region also serves as the standard bearish target for the flag pattern technical traders are using to take advantage of this bearish move in Bitcoin.

So, in the coming days, there is a very high probability that we might see more selling pressure come in and continue to push Bitcoin lower to this price level.

Final Verdict!

The Bitcoin bearish trend is far from over. The key pattern we are watching is the bearish flag pattern currently playing out in the 1-hour timeframe.

For this pattern to be completed, we need to see the Bitcoin price sell-off to the $17,798 key support region. This is the standard target for a bearish flag.

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