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In our previous Bitcoin analysis Bitcoin About To Flash Bullish. Watch This Level we talked about the $39,808 resistance region and the likelihood for us to see a bullish rally once this resistance is broken.
That bullish prediction is playing out as expected with the Bitcoin price rallying over 8% after breaking through the resistance.
In this Bitcoin analysis, we will be making an update about that bullish prediction as well as the key resistance level you should be watching next!
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The $42,125 Resistance
This is a key resistance easily spotted on the Bitcoin Daily timeframe. This resistance might become a very difficult level for the bulls to break through in the coming days. And below, we will be talking about both the bullish and bearish scenarios that might occur in the coming days.
- Bullish Price Scenario
For the Bitcoin bullish price scenario, we need to see the Bitcoin price break and close above the $42,125 resistance level. A close above this level points to Bitcoin moving from slightly bullish to very bullish!
This $42,125 key resistance is also very important because it is a level respected by the Bitcoin higher timeframe.
- Bearish Price Scenario
If the Bitcoin price fails to break through this $42,125 resistance, there is a very high probability that we might see bearish pressure buildup again on the Bitcoin price.
A bearish dump from the $42,125 resistance has happened before and might do so again in the coming days. This makes it important to keep a close high on this level for the coming days.
Final Verdict!
The Bitcoin price has moved from bearish to slightly bullish, and there is a very high probability that we might see this bullish rally continue. But for that to happen Bitcoin needs to break through the $42,125 resistance level.
A break above this level confirms the resumption of the Bitcoin bullish trend on the Daily timeframe. A failure to break through this level only increases the chances that we might see Bitcoin begin to sell-off again in the coming days.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
