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The crypto market ended the trading day very bullish after the Bitcoin price found support at the $38,907 minor level on the 15 minutes timeframe.
This price bounce and subsequent rally from the $38,907 level played out exactly as we predicted in our previous analysis Bitcoin Rallying As Predicted. Watch This New Support! and points to a more bullish trend for tomorrow.
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Bitcoin Ready To Break $40k Resistance
Bitcoin tested this $40k resistance once today and is getting ready to do it again. Only this time, there is a very high probability we might actually see a price breakout.
The levels we are watching are playing out in the 15 minutes timeframe. If this bullish price prediction plays out, there is a very high probability that we see this current crypto bull run continue.
However, if this $40k resistance holds, we might begin to see Bitcoin grow weaker as the bullish momentum fades and more bearish pressure comes back into the market.
This makes it very important for the Bitcoin bulls to push the price above the $40k level on the 15 minutes timeframe to sustain this bullish run on the lower timeframes!
Bitcoin Bullish Target
There is no saying how high Bitcoin can go in the coming days. But the first target we will be watching is the $41,649 price level.
The $41,649 target is a 0.618 Fibonacci extension target and might be a great price level to watch for market resistance and a potential reversal in the price even as Bitcoin is becoming very extended on the 15 minutes timeframe.
Bitcoin Ready To Break $40k. Final Verdict!
We are still bullish on Bitcoin but we believe the bulls are running out of steam and we might see a price reversal soon! Before that happens, Bitcoin still has the potential of rallying to around the $41k regions in the coming days
We will remain bullish on Bitcoin as far as the price continues to trade above the $38,907 support on the 15 minutes timeframe.
A break below this $38,907 support on the 15 minutes timeframe only signifies the end of the Bitcoin bullish rally for the short term and a very high probability of more sell-off in the coming days.
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