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In our previous Bitcoin analysis Must Read: Bitcoin 32% Rally Coming! Buy Now? we made a bold bullish prediction for the Bitcoin price. This bullish prediction was made as the Bitcoin price dropped below the $30k price level, wiping away all 2021 gains.
However, price is currently testing a minor resistance and we believe this is the best place to take your profit and stand aside for a potential sell-off soon!
[primexbt]
Warning: Bitcoin Might Sell-off Again!
It is important to understand that:
Bitcoin is still in a bearish trend on a higher timeframe. This means every buy trade we take is a counter-trend trade and should be handled with caution to avoid holding the bag when the price drops!
Bitcoinsensus
And right now is the best time to apply that caution. Our bullish prediction has played out but has not smashed our $41,885 bullish target.
And while it is very possible that Bitcoin will remain bullish and rally higher in the coming days, but first the $34,443 minor resistance must give way!
But if we go lower in the timeframe, we can see that level has been tested over and over again and still held!
This is a strong indication that the buyers might already be getting exhausted and we might see the Bitcoin price sell-off back down in the coming days!
[primexbt]
Final Verdict!
We are moving from slightly bullish to slightly bearish on Bitcoin! And we will remain bearish as far as the Bitcoin price continues to trade below the $34,443 minor resistance.
If this resistance level holds, we can expect to see a massive crash back down with Bitcoin selling-off below the $30k region again soon!
Related Article: A Complete Beginners Guide On How To Short Bitcoin
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
