- Bitcoin is likely to record yet another bearish week as the technical fractals plunge hard after a recent downswing.
- The target of the BTC price could be around $22,050 to $22550 which may also be the bottom of the current descending trend.
- 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.
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, buyers appear to have shed their strength to a large extent as they fail to hold at or above $24,000. As a result, a ‚zig-zag‘ price plunge may be expected in coming days.
Expected Price Target
After slicing down from its first target at $23,200, next target of BTC price could be around $22,050 to $22550 which may also be bottom of current descending trend. In case if BTC fails to hold at these levels then price may experience fine downswing testing next support zones and entering high liquidity area between 17800$ – 20800$.
Pullback & Rebound Possibilities
In case if BTC fails again it will enter into high liquidity zone between 17800$ – 20800$, this appears unlikely at moment so minor pull back followed by decent rebound and minor upswing can also happen anytime.