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In a previous analysis, I took a longer-term outlook on the Bitcoin price and analyzed the weekly timeframe.
I pointed out the important key resistance the Bitcoin price was currently battling with and how a breakthrough or price crash from that weekly resistance can affect the Bitcoin bullish trend and the Altcoin market in the coming days.
That analysis is titled “Is This A Bull Trap? Bitcoin Just Hit Weekly Resistance. What Next?“,
However, in this Bitcoin analysis, I will be taking a closer look at the price and analyzing the Bitcoin lower timeframe.
I will be pointing out the current price pattern Bitcoin traders should be watching as well as my price targets and import levels for the coming break out of that pattern.
Bitcoin Price Consolidating In A Rising Triangle
The most important pattern currently forming on the Bitcoin price chart is the rising triangle pattern. The Bitcoin price is currently trading in this pattern and this pattern is forming at a very important weekly resistance level I am also watching.
A breakout of this rising triangle pattern could either see the Bitcoin price surging past that weekly resistance and into the $14,000 price region or in the case of a fail, crashing back down to the $10,000 price region.
Important Levels I Am Currently Watching Out For
The important levels I am currently watching out for are the support and resistance channel of the rising triangle.
This is important because the price has been trading within this channel since the flash crash from the $12,000 region that occurred last week.
A break of this triangle will see price making massive moves either to the upside or downside in the coming days.
When Should You Anticipate This Breakout?
I believe the price breakout from this rising triangle should happen on or before the end of this month.
However, going into this new week, I expect to see the Bitcoin price continue to contract, consolidate, and range sideways as Bitcoin continues to build momentum for the coming breakout.
Will This Affect The Altcoin Market?
Bitcoin controls about 61% of the cryptocurrency market, this means any massive move that occurs on the Bitcoin price will have a ripple effect on the altcoin market.
For the price breakout of this rising triangle pattern, I believe a Bitcoin price break out to the upside will cause the Altcoin market to crash while a breakout of Bitcoin to the downside will see the Altcoin market pumping.
For a list of the top best Altcoins to put on your watch list and trade during this coming bull run, check out my Top 25 Cryptocurrencies by Market Capitalization
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.
