Table of Contents
In a previous Bitcoin analysis Bitcoin Rallying As Predicted. Watch This Level!, we talked about the $42,125 key resistance and how there was a very high probability that we might see a price reversal from this region.
That price prediction played out exactly as predicted, and in this analysis, we will be taking a step further and talking about the possible scenarios we believe might play out in the coming days!
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Is Bitcoin Still Selling?
Yes, we believe Bitcoin is still bearish and there is a very high probability that we might see more selling pressure come into Bitcoin soon.
In the sections below, we will be talking about the two bearish scenarios we are watching and the key levels to pay attention to.
Scenario 1: The $35,287 Support
Bitcoin is currently ranging around the $35,287 minor support region. This region has served as support on numerous occasions and might do so again!
If this support holds we are expecting to see a small retracement in price before the sell-off continues.
Scenario 2: A very Bearish Bitcoin
There is also a very high probability that we might see the Bitcoin price sell-off without retracing at all. If this price scenario occurs, it points to a very bearish Bitcoin and we might see the biggest cryptocurrency in the world continue to sell-off for a little more time.
Bearish Target
Our bearish target is the $29,245 support level. This level has been strong support for Bitcoin and might do so again if Bitcoin sells off to that region in the coming days.
However, if Bitcoin breaks below it, there is a very high probability that we might see a steeper decline in the Bitcoin price in the coming weeks.
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