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In our previous Bitcoin analysis Bitcoin Still Consolidating. Watch This Flag Pattern! we talked about the current-ranging Bitcoin market and the key levels to keep an eye on.
Well, that price prediction is playing out exactly, right now! The Bitcoin price has rejected off the top channel of the flag pattern and is pushing down. There is a very high probability that Bitcoin would continue to sell-off back down to the base channel of the flag pattern in the coming days.
Key Level To Watch Out For
The key level to watch out for is the $37,903 level. A Bitcoin price break and close below this support level would signify the start of the mini bear trend back down to the $34,320 price level in the coming days.
Point Of Invaldiation
A price break and close above the $41,187 price level invalidate this sell prediction. If the price gets back to this level, then there is a very high probability Bitcoin might just keep on heading higher in the coming days.
Final Verdict
We want to wait for a price break and close below the $37,903 level before looking for any sell trade. As far as the price continues to trade above this level, there is a very high probability that we might see a bounce back up from that level.
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More Trading Ideas
For more trading ideas, check out our short Youtube video on Ethereum and Bitcoin. We break down the technical analysis and the key levels to keep an eye on.
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