The crypto market ended the trading day bullish after Bitcoin made a last-minute rally above the $40k resistance on the 15 minutes timeframe.
This price rally also formed an ascending channel on the Bitcoin 15 minutes timeframe, providing us key levels to watch for in the coming days. If this ascending channel gets respected, there is a very high probability that Bitcoin might run into some bearish resistance soon.
We will be talking about the key levels we are watching as well as the price scenarios we expect might play out in this Bitcoin analysis.
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Bitcoin Key Levels To Watch
Bitcoin is currently trading within an ascending channel pattern on the 15 minutes timeframe. This pattern offers us key levels to watch as well key resistance to expect for bearish pressure.
The Bitcoin price just bounced off the base of the channel and is heading back up to the top. We expect the price to keep on surging higher in the coming days back to that ascending channel resistance.
But for this bullish prediction to remain valid, the Bitcoin price needs to continue to trade above the $40k key level on the 15 minutes timeframe.
This $40k level is very important because it is also a key level on the 4-hour timeframe. And if the price can close above it, we could see massive bullish momentum begin to pour into the Bitcoin market.
Our bias on Bitcoin is now bullish and will remain bullish as far as the price continues to trade above the $40k support level. A break of this support will only indicate more weakness and selling pressure for Bitcoin.
This makes it very important for the Bitcoin bulls to hold on to that $40k support in order to sustain this current bull run in Bitcoin.
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