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The crypto market ended the trading day bearish today as we warned in our previous Bitcoin analysis Potential Double Top On Bitcoin. Bearish Signal?
In that analysis, we talked about the bearish double top pattern that was forming on the Bitcoin 15 minutes chart and how that could cause a sell-off in the Bitcoin price soon!
We also talked about the $44,630 horizontal support line as the key level to watch for bearish prediction to be confirmed on the 15 minutes timeframe.
Well right now, the Bitcoin price has broken through and retested that $44,630 support. This break and retest confirm our bearish bias on Bitcoin and points to a potential price sell-off back down to the $42k support region.
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Key levels To Watch!
The first key level to watch on the Bitcoin 15 minutes timeframe is the $44,630 previous support now turned resistance.
For this bearish prediction to remain valid, the Bitcoin price must continue to trade below the previous support line. This completes the final leg for the Double Top Pattern and points to a coming Bitcoin crash.
Bitcoin Bearish Targets!
Our first target is the $42,487 support region. This price level has served as both support and resistance to Bitcoin on numerous occasions in the 15 minutes timeframe.
There is a very high probability that we might see Bitcoin sell-off to this price region in the coming days. And we are looking to take advantage of this potential 4% sell-off.
Final Verdict!
Bitcoin is bearish for the short term, with a very high potential for us to see the crypto price sell-off back down to the $42k price region soon.
This means we can expect to see this current Bitcoin sell-off continue all through tomorrow’s trading session.
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