Bitcoin Breaking Out Right Now! Will Ethereum Follow?

12:03 pm, Tue, 2 February 21

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Bitcoin Breaking Out Right Now
Image from last price prediction showing Bitcoin on the 1-hour timeframe

The Bitcoin price has finally broken through the $34,588 key resistance level. We talked about the importance of this level in our previous Bitcoin analysis Bitcoin Take Profit 1 & 2 Smashed! What Next? New Trade?.

In that analysis, we gave a high probability entry point for both the Bitcoin bullish and bearish price scenarios, and today our bullish entry has just been triggered with Bitcoin currently up more than 6% for the day.

Bitcoin already surged more than 6% for the day
Bitcoin already surged more than 6% for the day

If you followed the analysis from our previous article you should already be up in profits. Well, in this article we will be talking about the target levels to aim for as well as key levels that must hold for this Bitcoin bullish move to remain valid.

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Bitcoin breaking out
Bitcoin bullish prediction on the 1-hour timeframe

My profit target for Bitcoin remains the same at $37,553. We will also want to see the $34,588 previous resistance now turn support hold. This would be a much-needed confirmation that the bulls are in full control and fully committed to pushing the Bitcoin prices higher.

Bitcoin also formed a very key pattern for this breakout “The Head and Shoulder Pattern. The head and shoulder pattern is a very high-quality trade setup and provides us with likely targets and key support levels to watch out for.

Head and shoulder pattern on the Bitcoin 1-hour timeframe
Head and shoulder pattern on the Bitcoin 1-hour timeframe

The target for this head and shoulder pattern is $37,165, a few dollars below that $37,553 key resistance level we talked about earlier on in the analysis.

Ethereum Trading At A Key Level

Ethereum Trading At A Key Level
ETH/USD trading at key resistance on the 4-hours timeframe

The ETH/USD price is also trading at a key level with price bouncing within a converging triangle pattern. If the price breaks through and closes above the $14,33 resistance level, there is a high probability that we might see Ethereum surge to a new ATH against the U.S dollars very soon.

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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin and Ethereum chat as well as key fundamental factors that might affect the Bitcoin price in the coming days.

To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With

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