The cryptocurrencies ended the trading day slightly bearish as we continue to experience low momentum and trading volume in the crypto market. But that might be over soon as we expect a big move from Bitcoin in the coming days!
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Bitcoin Trading At Key Support
The Bitcoin price continued to range around the $28k key support region, barely moving all day. When a market begins to range so tightly like what we see happening in Bitcoin right now, there is always a very high probability of a massive breakout in price following it closely.
If this bullish bias holds true for Bitcoin, we can expect to see a massive move in the Bitcoin price in the coming days!
This would likely take the price back up to the $50k or even $60k regions very soon. However, for this to happen Bitcoin must continue to trade above the $28k support region on the 4-hour timeframe.
Key Level To Watch!
The top of the sloping pattern is the key level to watch. Once the price breaks and closes above that resistance, we can expect to see Bitcoin rally even further from there in the coming days.
A price break of that resistance also signifies the end of the institutional accumulation phase of Bitcoin. This way, we are following the smart money.
How Soon Can This BreakOut Occur?
This bullish breakout can literarily occur at any time now! Bitcoin is ranging so tightly that it is impossible for it to contiune to build that much momentum without using it.
However, the key level to watch is that sloping resistance channel on the 4-hour timeframe. As far as the price continues to trade within this converging pattern, Bitcoin is still ranging.
How Will This Affect Altcoins?
A bullish rally like this on the Bitcoin price would work really great for the Altcoin markets. We can expect to see the Altcoin market just generally move up with Bitcoin as more trading volume comes into the crypto market.
Ethereum is already setting up nicely for a potential rally as well. For a breakdown of the key levels, we are watching for Ethereum read Warning: Ethereum 15% Dump Likely In The Next 24hrs!
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