Bitcoin Is Ready To Rally! Watch This Ascending Channel.

2:10 pm, Wed, 7 April 21

Current Bitcoin Data

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60k Level 1024x576
Bitcoin running into resistance at the $60k level on the 4-hour timeframe

The Bitcoin price has been struggling to break through the $60,000 level all week. Every time we get to that level, we see prices crash back down.

And while many analysts are beginning to call for a possible weakness and a deeper retracement in price, the Bitconsensus team on the other hand are remaining very bullish. Why? well this ascending channel on the daily timeframe will help us explain why and what exactly we are watching.

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Bitcoin At Multiple Conflueneces

Bitcoin Still Looking Very Bullish. Here Is Why
Bitcoin analysis from the article Bitcoin Still Looking Very Bullish. Here Is Why

In our previous Bitcoin analysis Bitcoin Still Looking Very Bullish. Here Is Why we talked about the bullish inverse head and shoulder pattern that was forming on the 4-hour timeframe and the entry signals we were waiting for. That analysis is still much in play as we speak.

Bitcoin Is Ready To Rally! Watch This Ascending Channel.
Bitcoin inverse head and shoulder pattern on the 4-hour timeframe is still playing out

However, in this analysis, we will be talking about the ascending channel the Bitcoin price has been trading in for the past 3 months.

Screenshot 890 1024x576
Bitcoin as been trading in an ascending channel on the daily timeframe for the past 3-months

We have seen Bitcoin respect these two lines over and over again. This means there’s a very high probability that history will repeat itself and we will see the Bitcoin price find support, bounce, and then rally back up towards our $70,000 target or even higher

Bitcoin Is Ready To Rally! Watch This Ascending Channel.
Bitcoin Is Ready To Rally! Watch This Ascending Channel on the daily timeframe.

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For a deeper analysis of the Bitcoin chart, we created a short Youtube video About the Patterns currently forming at the $60,000 level for Bitcoin and the $2,154 level for Ethereum. And how you can take advantage of them.

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