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The last time we talked about Bitcoin Bitcoin Key Resistance Held As Predicted! What Next? the price was ranging within two key horizontal levels. This Bitcoin-ranging market resumed only after we saw a fake bullish breakout on the 4-hour timeframe.
In this Bitcoin analysis, we will be updating this pattern and pointing out the new key levels we are keeping a close eye on in the coming days.
Watch This Key Pattern!
Updating our previous analysis to cover the current price action, we can see the Bitcoin price might still be trading within that converging triangle pattern on the 4-hour timeframe.
This means that Bitcoin is getting ready to make a massive move soon! A break of the converging triangle to the upside or downside could see the cryptocurrency pick up momentum in the coming days.
When Can We Expect This Coming Move?
Bitcoin is right now trading at the tip of the converging triangle pattern. This compression in price and buildup in momentum will need to be released soon.
What that means is the Bitcoin price might breakout out of the converging triangle currently forming on the 4-hour timeframe soon!. This breakout can either take the Bitcoin price to the upside or downside in the coming days.
Bullish Price Prediction. Key Levels To Watch
For a bullish price surge, the key level to watch is the $35,915 key resistance level. We want to see the Bitcoin price breakthrough and close above this $35,915 resistance.
This would be a very bullish signal for Bitcoin and it indicates that we might see a further rally in the price of the cryptocurrency soon!
If this bullish prediction plays out, we might see the Bitcoin price rally back up to the previous highs of $40,727 in no time.
A break of this resistance also pushes the Bitcoin price back into bullish territory. If this occurs, we might see the Bullish momentum in Bitcoin’s resume.
Going From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is best for traders who are new to the crypto space. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
