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The crypto market ended the trading day in a range as the price of Bitcoin continues to trade within an ascending channel pattern on the 15 minutes timeframe.
This channel provides us with key levels to watch for on the 15 minutes timeframe as well as the best price levels to wait for a bullish breakout in the coming days.
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The Bitcoin Ascending Channel
The Bitcoin price has been trading within this channel all day on the 15 minutes timeframes. This ranging market is necessary as the Bitcoin price continues to build bullish momentum for the coming breakout.
But for that bullish prediction to happen, Bitcoin must respect the base of the ascending channel. A break below this baseline only indicates more bearish pressure and a likely sell-off in the Bitcoin price in the coming days.
However, the ascending channel base is not the only support region we are watching. We are also watching the $48k key level the Bitcoin price just broke above in the 4-hour timeframe.
The Bitcoin $48k Key Level
This $48k key level is very important for the Bitcoin bulls and we talked about it in our previous Bitcoin analysis Bitcoin Bullish Prediction Playing Out AS Predicted. What Next?
If the price continues to trade above this $48k level, we will remain bullish on Bitcoin. This makes it very important for the Bitcoin bulls to hold this key level at all costs in the coming days because a break below it could signify the end of the current bullish rally in Bitcoin.
Final Verdict!
Bitcoin is getting ready to make a massive move to the $51k price region in the coming days. But for this to happen, Bitcoin needs to continue trading above the $48k horizontal support level.
A break below this level could spell doom for this Bitcoin price, ending this current Bitcoin rally.
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