The Bitcoin price has been consolidating between two key levels for the past few days now. These price levels are so important because the break of any of these levels could give us a clear entry either to the upside or downside.
In this Bitcoin analysis, we will be talking about the likely price scenarios that might occur on the Bitcoin chart in the next few days as well as how best to take advantage of them when they do occur.
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The $41,501 Key Support
The $41,501 price level is very key to both the Bitcoin bulls and the Bitcoin bears.
As far as the Bitcoin price continues to trade above the $41,501 key support, Bitcoin is bullish
This $41,501 price level has served as strong Bitcoin price support on numerous occasions. If this level continues to hold, we can expect to see the Bitcoin bullish trend resume soon!
However, if this $41,501 price level gets broken, there is a very high probability that we might see the Bitcoin sell-off intensify in the coming days and might push the Bitcoin price as low as the $30k price region.
There is a very high probability that the Bitcoin price will continue to range sideways within the channel until either the $41,501 support or the $52,618 resistance gets broken.
We talked more indebt about this $52,618 resistance as well as the price targets to aim for in our previous Bitcoin analysis Bitcoin Ready To Surge Again! Watch This Inverse Head and Shoulder Pattern.
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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin 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 on forex Guide. You can also check my top lowest fee crypto exchange to trade with.