Bitcoin Rally Has Started! But First Watch This Support Level

10:57 pm, Mon, 12 April 21

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Bitcoin Rally Has Started! But First Watch This Support Level
Bitcoin has broken out of the converging triangle pattern on the 4-hour timeframe

The Bitcoin price has been playing out exactly as we predicted, and right now we are seeing a retest of that top channel of the converging triangle pattern the Bitcoin price just broke out of.

In this Bitcoin analysis, we will be talking about the key levels we are currently watching as well as our future Bitcoin forecast for the coming days.

The Break And Retest Confirmation

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The bullish break and retest confirmation supporting our bullish bias on the 4-hour timeframe

The Bitcoin price break and retest of the converging triangle pattern is a new bullish confirmation supporting our bullish bias in Bitcoin. But for this additional confirmation to remain valid, we need to see the $59,285 horizontal support hold.

Bitcoin Rally Has Started! But First Watch This Support Level
The $59,285 key support holding price on the 4-hour timeframe

This $59,285 level has interacted with the Bitcoin price on numerous occasions acting as either support or resistance to the price. Right now the Bitcoin price is trading around that region again.

If it holds there is a very high probability we will see momentum pick up to the up side as Bitcoin resumes its journey to our $76,000 target.

Final Verdict!

Bitcoin Rally Has Started! But First Watch This Support Level
Bullish price prediction for Bitcoin on the 4-hour timeframe

We are still very bullish on Bitcoin and we believe there is a very high probability that Bitcoin will keep on heading higher in the coming days.

However, we are keeping a very close high on the $59,285 support level. We want to see a price bounce and a push higher from that region to confirm the resumption of the Bitcoin Bullish run.

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While this Bitcoin analysis is focused on the Bitcoin bulls scenarios, we made a short Youtube video about a few red flags and bearish scenarios currently coming up on the Bitcoin chart.

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