Bearish Trade-Set up Laid for Bitcoin This Weekend-Here’s the Target You Can Expect

0
2

Bitcoin price bull run

The post Bearish Trade-Set up Laid for Bitcoin This Weekend-Here’s the Target You Can Expect appeared first on Coinpedia Fintech News

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?

Source: Tradingview

The buyers appear to have shed their strength to a large extent as they fail to hold the price at or above $24,000. As a result, a ‘zig-zag’ price plunge may be expected in the coming days. 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 the current descending trend.

In case, the BTC price fails to hold at these levels, then the price may experience a fine downswing testing the next support zones.

On the other hand, 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, which appears unlikely at the moment. Therefore, a minor pullback may be followed by a decent rebound and a minor upswing.