Table of Contents
The key pattern we are watching play out right now in the Bitcoin 1-hour timeframe is the Bearish Flag Pattern.
This Bearish Flag pattern is a continuation pattern that indicates more sell-off for Bitcoin in the coming days. If this pattern plays out completely, there is a very high probability that we might see up to a -7% crash in Bitcoin value as the days go on.
In this Bitcoin analysis, we will be breaking down this bearish outlook in Bitcoin as well as the key levels we are currently watching for the Bitcoin price to find support.
To trade BTC with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $4,450 Bonus and up to 30 days of 0% Maker fee when you sign-up and fund your Bybit account with our Bybit link
The Next Key Support For Bitcoin!
The next major support for Bitcoin is the $17,798 support region in the 1-hour timeframe.
We have seen the Bitcoin price try to break below this support region in the past and failed, there is a very high probability that we might see it try to break below again in the coming days.
Not only that, this $17,798 support region also serves as the standard bearish target for the flag pattern technical traders are using to take advantage of this bearish move in Bitcoin.
So, in the coming days, there is a very high probability that we might see more selling pressure come in and continue to push Bitcoin lower to this price level.
Final Verdict!
The Bitcoin bearish trend is far from over. The key pattern we are watching is the bearish flag pattern currently playing out in the 1-hour timeframe.
For this pattern to be completed, we need to see the Bitcoin price sell-off to the $17,798 key support region. This is the standard target for a bearish flag.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
