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The Bitcoin price is currently forming a key pattern in the 4-hour timeframe. This Ending Diagonal Pattern is a bullish reversal pattern and it indicates that we might be seeing a more than 10% surge in price for BTC in the coming days.
In this Bitcoin analysis, we will be breaking down how this Ending Diagonal pattern works and talking about how we plan to take advantage of it in the coming days.
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Bitcoin Ending Diagonal Pattern
The Ending Diagonal usually forms when a trend is about to end. And for Bitcoin, we are hoping to finally see an end to the BTC bearish trend that has lasted for weeks now.
A typical example of what a completed ending Diagonal pattern looks like is the image above. In the coming days we expect to see this kind of price action play out on Bitcoin too.
The Key Level To Watch For!
The key level to watch for is the break of the $39,143 key resistance level in the 4-hour timeframe. We want to see the Bitcoin price breakthrough and close above this key resistance to confirm the completion of the Ending Diagonal Pattern and the start of the Bitcoin bullish rally.
But right now, the Bitcoin price is still trading below this key $39,143 resistance. This means our pattern still yet to be completed and our bullish bias on Bitcoin is still yet to be confirmed.
The best cause of action right now is to stand aside and wait for this Bitcoin bullish price confirmation.
Bullish Target For This Ending Diagonal Rally
Our bullish target for this potential move higer is the $42,500 price region. There is a very high probability that the Bitcoin price will get to this key level before encountering any major resistance in the 4-hour timeframe.
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