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The Bitcoin sell trade has finally started! The break of the $33,846 support confirmed our bearish bias on Bitcoin and points to more sell-off in the coming days, playing out exactly as predicted Bitcoin Testing Key Support! Sell Now?.
However, Bitcoin is currently ranging below the $33,846 previous support now turned resistance. In this Bitcoin analysis, we will be talking about the new key levels to watch, our bearish bias, and what we can expect the price to do in the coming days.
Is The Bitcoin Sell Over?
Our bearish target for Bitcoin remains at the $24,326 price level. This is the standard profit target for the converging triangle pattern Bitcoin just broke out of.
And right now, Bitcoin is only halfway down to the take-profit region we want, meaning there is a very high probability that we might see the selling pressure in Bitcoin continue in the coming days.
In the section below, we will be talking about the key level to watch when it comes to knowing exactly when to exit this sell trade in a situation Bitcoin actually reverses and begins to rally.
Key Level To Watch For!
The most important key level to keep your eye on for this bearish prediction in Bitcoin is the $39,808 resistance. This is the point of invalidation for this bearish prediction and the perfect price level to place your stop loss for a margin sell trade to the downside.
As far as Bitcoin is trading below this resistance, we will remain bearish on the Bitcoin chart. For Bitcoin to become bullish, the price needs to either smash our $24,326 price levels or reverse and break through the $39,808 resistance.
Related Article: A Complete Guide On How To Short Bitcoin
Final Verdict!
The Bitcoin deep is not over, the sell trade is still in full swing with our target at $24,326. The only key level to watch right now is the $39,808 resistance. As far as Bitcoin continues to trade below this resistance, we will remain bearish on Bitcoin till our profit target is smashed!
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