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In our previous Bitcoin analysis More Bearish Warnings For Bitcoin! Watch This Pattern we talked about the $32,456 horizontal support and how it could serve as a great entry trigger for a Bitcoin sell-off in the coming days.
Well Bitcoin is testing that support again and maybe it would break through it this third time.
In the section below, we will be talking about the bearish scenarios we think have a high probability of playing out in the coming days.
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Bitcoin Bulls: Should We Expect Another Rally?
There is a very high probability that we might see a small rally in price as the Bitcoin bulls fight to hold the $32,456 horizontal support.
However, we don’t expect this price rally to get to or even breakthrough Bitcoin’s previous highs of $35,623.
We will remain bearish as far as Bitcoin continues to sell below this $35,623 price region. A break above that previous highs invalidates this bearish prediction and only points to more price rallies in the coming days.
Bearish Targets!
Our first target is the $28,966 support region! We expect to see Bitcoin sell-off to this support in the coming days.
However, there is still a very high probability that the Bitcoin price might break through this support and make new lows in the coming days.
Final Verdict!
The Bitcoin sell-off might have started. If this price prediction plays out we expect to see the Bitcoin price crash back down to the $28,966 support in the coming days.
The point of invalidation is the $35,623 previous highs. A price break and close above these highs points to more strength and a likly price rally for Bitcoin.
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