The Bitcoin price is currently ranging around key support in the Daily timeframe. This $28,835 support is very important for the bulls because it has served as major support, holding the Bitcoin prices up for the last 2 years.
Right now, we are seeing the BTC price testing this key level again. This testing period has created a ranging market in the lower timeframe and a unique pattern we can take advantage of.
Going to the 4-hour timeframe, we see a valid Ascending Channel Pattern currently forming right now. This Ascending Channel Pattern offers us key levels to watch for the Bitcoin price to find support and resistance around.
In this Bitcoin analysis, we will be breaking down the key levels we are watching as well as our short-term bullish forecast for the BTC price in the coming days.
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Bitcoin Ascending Channel Pattern
Bitcoin is right now testing the base support of this 4-hour Ascending Channel Pattern. And we expect to see the BTC price hold this support and begin to rally higher in the coming days.
This bullish rally will likely take us back to the top of the Ascending Channel before facing any major resistance and running out of steam.
We can expect to see the Bitcoin price repeat this process over and over again as far as the Bitcoin consolidation continues in the higher timeframe.
Final Verdict!
Bitcoin is currently trading within an ascending channel pattern in the 4-hour timeframe. This pattern was created as a result of the consolidation period the Bitcoin price is currently undergoing in the Daily timeframe.
Until this consolidation phase is over, we can expect to see the Bitcoin price continue to range and trade sideways within this pattern.
The goal here is to take advantage of this short-term range as it comes close to the Channel support and resistance levels.
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