Bitcoin has been trading within a range for the past few days now. Analyzing the one-hour timeframe, we can see a clear picture as to why that sideways movement and the current indecision in the Bitcoin market is occurring.
The Bitcoin price is trading within a rising triangle pattern. This is a very bullish pattern, and it gives us a clear indication that Bitcoin might be getting set to break out of the pattern and make a massive move in the coming days.
In this Bitcoin analysis, we will be pointing out the likely targets for this coming move for both the bullish and bearish scenarios. We will also be analyzing key levels to watch out for as well as the best ways to take advantage of this coming price surge.
Important Levels To Watch
The two most important levels to keep an eye on are the channels that make up the ascending triangle pattern. These lines have served as both support and resistance on numerous occasions.
A Bitcoin price breakout or crash through these two trend lines could indicate the start of the move either to the upside or downside.
If Bitcoin breaks support and crashes, the likely target we can expect Bitcoin to dump to is the $13k level. This price target is also a key support region that has played important roles in the past. We can expect to see a push back from buyers once the price gets to this support level.
However, if that support holds and the Bitcoin bulls manage to push the price above the resistance of the ascending triangle, then we can expect to see a bull run to the $17,000 price region.
This $17,000 price target is also a key level resistance on the daily timeframe. And there is a very high probability that we might see the Bitcoin price trade to this region before reversing in the coming days.
We also created a video below where we carried out a long term analysis of the Bitcoin price. We also talked about key fundamental factors that would affect the Bitcoin price in the coming days as well as key levels and patterns to watch for in the coming weeks.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With