• Bitcoin is expected to record yet another bearish week as the technical fractals plunge hard after the recent downswing.
• The downpour may continue until the rally marks the interim bottom which appears to be below $22,500.
• If the price fails to hold at any support levels, then it is assumed to enter the high liquidity area between $17,800 and $20,800.
Bitcoin Price Analysis
The recent price drop of Bitcoin has intensified a bearish hold over the rally. This weekend is expected to witness a bearish candle testing the lower support. If BTC fails to hold above $24,000, it could plunge below $23,000 and test its targets at around $22,050 -$22550 which may also be the bottom of current descending trend. In case of failure in holding these levels, Bitcoin may experience a fine downswing testing further supports between $17,800 and $20,800.
Targets for Bitcoin Price
The targets for BTC price appear to be around $22,050 -$22550 which could serve as an interim bottom of current descending trend followed by supports between $17,800 and $20,800.
Bearish Trade Set Up Laid For Weekend
Due to some exhaustion in buyers strength in holding BTC price above or atleast near 24k mark , a ‚zig-zag‘ price plunge can be expected this weekend . Hence , traders are advised to keep an eye out for any bearish patterns that may form over this period .
Exhaustion Of Buyers Strength
Buyers seem have been losing strength due their inability in keeping prices above or near 24k . This has led to some bearishness being imposed on market conditions leading us towards expectation of more downside movement .
Conclusion
It appears that a minor pullback will be followed by decent rebound and minor upswing before we hit a low liquidity zone (17-208). Therefore , traders must stay vigilant about market conditions during this time period as things can change quickly .