Summary of Bitcoin Price Analysis
• Bitcoin is expected to record another bearish week as the technical fractals plunge hard after the recent downswing.
• The current price drop has intensified the bearish hold over the rally, and it is predicted to continue until the rally marks an interim bottom.
• If BTC fails to hold at any support levels, it may enter a high liquidity area between $17,800 and $20,800.
Bearish Trade Set-up Laid for Bitcoin This Weekend
Bitcoin is about to record yet another bearish week as the technical fractals plunge hard following a recent downswing. The current downpour may continue until the rally marks an interim bottom which appears to be below $22,500. As buyers are slowly getting exhausted from holding tight above these levels, Bitcoin price is likely to plunge below $23,000.
Expected Target Price
After slicing down from its first target at $23,200, the next target of BTC could be around $22,050 -$22550 which may also be the bottom of the current descending trend. In case of failure in holding these levels, there will be a fine downswing testing further support zones. On other hand if there’s failure to hold at any support levels then it’s assumed that BTC will enter high liquidity area between $17,800 and $20,800; though this appears unlikely at present time.
Likely Price Movements
A minor pullback followed by decent rebound and minor upswing may be witnessed if BTC fails in holding on its support levels. There can also be marginal improvement if bulls manage to regain some strength; however this does not appear possible in near future given the current market situation with prolonged bearish trends emanating from mid-February 2021 onwards.
In conclusion ,the coming weekend is expected to result in another bearish candle for Bitcoin with prices possibly falling below their initial targets. Depending on how well support levels are held or broken through , there might also be possibility of temporary recovery before entering into lower trading ranges .