Bitcoin Is Ready To Rally To $51k! Watch This Ascending Channel.

1:49 am, Sun, 22 August 21

Current Bitcoin Data

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End of day trading result for the top 36 cryptocurrencies by market capitalization

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.

Bitcoin Is Ready To Rally To $51k! Watch This Ascending Channel.
Bitcoin Is Ready To Rally To $51k! Watch This Ascending Channel playing out on the 15 minutes timeframe.

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The Bitcoin Ascending Channel

Bitcoin price ranging within an ascending channel on the 15 minutes timeframe.

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.

Bitcoin trading within This Ascending Channel pattern on the 15 minutes timeframe. Bearish price prediction

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

Bitcoin Bullish Prediction Playing Out AS Predicted. What Next?
Bitcoin bullish prediction from a previous analysis Bitcoin Bullish Prediction Playing Out AS Predicted. What Next?

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.

Bitcoin Is Ready To Rally To $51k! Watch This Ascending Channel.
Bitcoin Is Ready To Rally To $51k! Watch $48k key level in the Bitcoin 15 minutes timeframe

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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