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The Bitcoin price is currently trading in a Diagonal Pattern in the 1-hour timeframe. This pattern helps us better understand exactly what the ETH price might be up to next and the key levels to watch.
We believe there is a very high possibility for us to see a -10% decline in the value of Bitcoin soon. And in this BTC analysis, we will be breaking down why as well as our bearish price scenario for this coming sell-off in price.
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Start TradingBitcoin Diagonal Pattern
This Pattern Indicates A Coming Sell-Off For Bitcoin. Watch this price prediction in the 1-hour timeframe
The Bitcoin price is currently trading in a Diagonal Pattern in the 1-hour timeframe. And right now, the BTC price is testing the resistance of this pattern, if this resistance holds, there is a very high probability that we might see a sell-off in the coming days.
A sell-off like this could easily become a -10% dump for Bitcoin as the price sells off back down to the base support of the Diagonal pattern.
But for this bearish prediction to remain valid, the Bitcoin price must respect and continue to trade below that resistance channel for the diagonal pattern in the 1-hour timeframe.
Ethereum Bearish Confirmation!
This Pattern Indicates A Coming Sell-Off For Bitcoin. Watch this price prediction in the 1-hour timeframe
For us to confirm the start of this sell-off in Bitcoin, we need to see the price breakthrough and close below the $23,422 minor support in the 1-hour timeframe.
A price break below this minor support could see us selling off rapidly in the coming days. However, if this minor support continues to hold, the Bitcoin bulls will just keep fighting to push prices back up.
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The post This Pattern Indicates A Coming Sell-Off For Bitcoin appeared first on Bitcoinsensus.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.