• Bitcoin is about to experience a bearish week as the technical fractals plunge hard after recent downswing.
• The coming weekend is expected to record another bearish candle, testing lower support levels.
• If BTC fails to hold at any support levels, then it is assumed to enter high liquidity area between $17,800 and $20,800.
Bearish Trade Set-up for Bitcoin This Weekend
Bitcoin is about 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.
Bitcoin price is about to plunge below $23,000 as the bulls are slowly getting exhausted from holding the price tight above these levels. The recent price drop has intensified the bearish hold over the rally. Hence, the coming weekend is expected to record yet another bearish candle, testing the lower support.
Where will the Bitcoin price find its bottom? After slicing down from its first target at $23,200,the next target of the BTC price could be around $22,050 to $22550 which may also be the bottom of current descending trend.
In case,the BTC price fails to hold at these levels then it may experience a fine downswing testing next support zones. On other hand if it fails to hold at any support level then it’s assumed to enter high liquidity area between$17,800 and$20800 which appears unlikely at moment.
Hence a minor pullback may followed by decent rebound and minor upswing.