Bitcoin Bulls Running Into Resistance. This Rally Might Be Over!

12:28 pm, Wed, 23 June 21

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Bitcoin bullish prediction from a previous analysis Must Read: Bitcoin 32% Rally Coming! Buy Now?

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.

Bitcoin Bulls Running Into Resistance. This Rally Might Be Over!
Bitcoin bullish prediction playing out! But the price is running into a minor resistance on the 4-hour timeframe

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!

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Warning: Bitcoin Might Sell-off Again!

Bitcoin Bulls Running Into Resistance. Bitcoin is still in a bearish trend on the Daily timeframe

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!

Bitcoin Bulls Running Into Resistance. Key Levels to watch out for on the 4-hour timeframe

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!

Bitcoin Bulls Running Into Resistance. This Rally Might Be Over!
Bitcoin Bulls Running Into Resistance. $34,443 minor resistance holding strong! sell Bitcoin now?

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Final Verdict!

Bitcoin Bulls Running Into Resistance. This Rally Might Be Over!
Bitcoin Bulls Running Into Resistance. This Rally Might Be Over!

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

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