Table of Contents
The Bitcoin price sold off as predicted in our previous analysis Bitcoin Playing Out As Predicted. What Next?. The price has smashed our bearish target and is currently ranging around that key support region.
In this Bitcoin analysis, we will be talking about the Bitcoin bullish scenario and the probability of it playing out in the coming days.
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The $31,449 Key Level
Bitcoin has tested this $31,449 support region three times now! This says a lot about where the Bitcoin buyers are pilling up and where we might see a price reversal in the coming days.
If this $31,449 support region holds, there is a high probability that we might see a massive price surge caused by all that bullish momentum building at that support region.
This momentum might even push the Bitcoin price back up to the previous highs of $60k in no time.
This makes this level the most important support for the Bitcoin bulls to hold right now. A break of this support could spell doom for the bulls.
Bullish Targets
If this level holds, the first major resistance we will encounter is the $41,885 key resistance. This key resistance has managed to stop every bullish rally for the past few weeks now.
And if it still holds, this is the first key level the Bitcoin Bulls will need to face in order to continue surging higher.
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Final Verdict
The Bitcoin bulls have a chance to fight back and change the Bitcoin trend, but to do so, the $31,449 key support region must hold. If the bulls can push back from this region, Bitcoin might just have a chance to flip and become bullish in the coming days!
However, a break of this $31,449 key region could see Bitcoin selling off further.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
