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Bitcoin is playing out exactly as we predicted in our previous analysis Bitcoin Bulls Are Back! Watch This Ascending Channel on Bitcoin. rallying back up to the top of the ascending channel pattern Bitcoin is currently trading in
However, the price is yet to smash our ascending channel target on the 15 minutes timeframe instead we are seeing Bitcoin range a bit more as it builds up more bullish momentum to make the final rally up.
We will be talking about the mini flag pattern forming right now on Bitcoin, how it will affect the price, and the key levels to watch for in the coming days.
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Bitcoin Ready For The Last Leg UP
We believe Bitcoin is ready for the last leg up on the 15 minutes timeframe. But for that to happen the price needs to break through the flag pattern the Bitcoin price is currently ranging in.
A break of this pattern to the upside confirms our bullish bias and points to more price rally higher in the coming days.
Key Level To Watch
The Key Level to watch is the $40k support region. This price level is a key level both on the 15 minutes timeframe and the 4-hour timeframe, making it very important for Bitcoin bulls to hold.
We want to see the Bitcoin price continue to trade above this support for our bullish bias on the Bitcoin price to remain valid. A break of this support to the downside only increases the chance of us seeing more bearish pressure come into the Bitcoin market in the coming days.
Bitcoin Bullish Targets
We are watching two targets in the 15 minutes timeframe:
The First Target: The Asecding Channel
Our first target is the top of the ascending channel in the 15 minutes timeframe. We believe there is a very high probability for the Bitcoin price to rally to this level in the coming days before finding resistance.
The Second Target: Flag Pattern
Our second target is the mini flag pattern Bitcoin is forming. This pattern has its own traditional bullish targets we can aim for also.
If price played out with this bullish flag pattern, we might see Bitcoin actually breakthrough that ascending channel pattern and continue surging higher to the $44k price level in the coming days
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