Bitcoin Running Into Major Daily Supports! Should We Expect A Bounce Soon?

9:19 am, Sat, 7 May 22

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Bitcoin Running Into Major Daily Supports! Should We Expect A Bounce Soon? Watch this channel support that has been holding since last year

This is urgent! The Bitcoin price is currently trading at two major price levels in the Daily timeframe.

The first level is the Channel support that has been held since last year. This long-term price respect of this channel makes it a strong psychological level to keep your eyes on in the coming days.

The second level we are keeping our eyes on is the $32,987 key support in the Daily timeframe. In this BTC analysis, we will be breaking down this $32,987 daily key support as well as the key pattern the price is forming around this area.

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Bitcoin $32,987 Key Support!

Bitcoin Running Into Major Daily Supports! Should We Expect A Bounce Soon?
Bitcoin Running Into Major Daily Supports! Should We Expect A Bounce Soon? Watch this $32,987 key level in the Daily timeframe

The question is can the Bitcoin bulls hold this $32,987 price level?

If this key support holds, Bitcoin will be forming a double bottom pattern in the Daily timeframe. A double bottom pattern is a very strong and popular reversal pattern that indicates a coming bounce in price.

And for Bitcoin, that bounce could easily take us back to ATHs in no time.

But for this bullish prediction to happen, the Bitcoin price must continue to respect and trade above this $32,987 key support at all cost!

Bitcoin Running Into Major Daily Supports! Should We Expect A Bounce Soon?
Bitcoin Running Into Major Daily Supports! Should We Expect A Bounce Soon? Watch this double bottom pattern forming in the Daily timeframe

The Double Bottom Pattern

The Double bottom pattern is a key reversal pattern used by a lot of professionals in trading. This pattern indicates a bearish move down is about to end.

And the image below is a typical example of what that pattern looks like once completed.

So in the coming days, we will be watching to see if this bullish reversal pattern will get confirmed in the Bitcoin daily timeframe.

But for right now, we stand aside and wait to see what the Bitcoin price really wants to do in the coming days.

Final Verdict!

For right now, we are staying bullish on Bitcoin with a belief that we might see a price bounce from this $32,987 key support in the coming days.

However, this bullish bias will only remain valid if the Bitcoin price continues to respect and trade above the $32,987 key support in the Daily timeframe.

A break below this $32,987 key support could mean more sell-off for Bitcoin.

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