Bitcoin Still Holding Key Support. How Long Will This Ranging Market Last?

3:19 pm, Wed, 18 August 21

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Bitcoin Still Holding Key Support. How Long Will This Ranging Market Last?
Bitcoin Still Holding Key Support on the 4-hour timeframe. How Long Will This Ranging Market Last?

The crypto market has been ranging all day with the Bitcoin price still trading around the $46,876 to $42,190 key support region on the 4-hour timeframe. This support is very important for the Bitcoin bulls as a break below it could spell doom and a resumption of the bearish trend on Bitcoin.

Bitcoin has managed to hold this level so far but has failed to break through it. Every time the Bitcoin price has attempted to rally and break through it, we see the price fail and crash back down into the support region.

Bitcoin bullish fakeout on the 15 minutes timeframe. What does this mean for the price?

These bullish fakeouts are caused by the ever-growing bearish pressure building up at that key level. But how long will this wall of resistance hold?

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What Does This Mean For Bitcoin?

Bitcoin Still Holding Key Support. How Long Will This Ranging Market Last?
Bitcoin Still Holding Key Support on the 4-hour timeframe. How Long Will This Ranging Market Last?

Well, this simply means there is a growing battle between Bitcoin buyers and sellers to see who will control the larger Bitcoin trend for the coming weeks.

And whichever trend gets the upper hand could be a fate decider if the current bull run in the Bitcoin price has ended or has only begun. But for right now, the Bitcoin price is still at no man’s land and undecided on what it wants to do next.

Bitcoin Bullish Prediction

As far as the $42k support region holds we can expect that the coming Bitcoin rally will push the Bitcoin price higher in the coming days fully resuming the Bitcoin bullish trend we have been enjoying for the past few weeks. This rally could even push prices to new highs in no time.

Bitcoin Bearish Prediction

For the Bitcoin bearish prediction, the $42k support needs to give way. A break below this support could see the Bitcoin price crashing back to the $28k price level, bringing an end to the current Bitcoin bullish rally.

Final Verdict!

We are still very bullish on the Bitcoin price and believe there is a very high probability for us to see a massive rally happen soon. However, Bitcoin needs to respect and break above that $46k to $42k key region on the 4-hour timeframe before this rally can play out.

Until that happens, the Bitcoin price might just continue to range around this key region.

Bitcoin Still Holding Key Support. How Long Will This Ranging Market Last?
Bitcoin Still Holding Key Support on the 4-hour timeframe. How Long Will This Ranging Market Last?

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