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Our Bitcoin bullish prediction The Bitcoin Bounce Has Started! Watch This Level. is playing out exactly as predicted. And right now Bitcoin is forming new minor support on the 15 min timeframe.
This 15 min support is very important for the Bitcoin bulls because a break below it could signify a fading bullish momentum on the Bitcoin lower timeframe.
However, if this 15 minutes support holds, we can expect to see Bitcoin price bounce and continue to rally higher soon!
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The $38,908 Key Level
The $38,908 price region is a key level for Bitcoin on the 4-hour timeframe. We can see how price reacted every time it traded around this region, either finding support or resistance.
We expect to see this level come into play again soon. It is important for the Bitcoin price to respect this level for our bullish bias on Bitcoin to remain valid.
What If $38,908 Fails?
A price break below the $38,908 support on the 15 minutes timeframe is very bearish for Bitcoin. There is a very high probability that we might see more bearish pressure follow, pushing Bitcoin price back to around the $37k region.
This makes it very important for Bitcoin to hold the 15 minutes $38,908 support.
A price break and close below the $38,908 support could mean the end of this current Bitcoin rally.
Final Verdict!
We are still bullish on Bitcoin for the short term but the price is still bearish on the higher timeframe.
This makes it very important to always watch for weakness in price on the lower timeframe to avoid getting caught holding the bag when price dumps.
For us, that key level is the $38,908 support on the 15 minutes timeframe. We will remain bullish on Bitcoin as far as the price continues to trade above this support.
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