In our previous Bitcoin analysis Ethereum Crashing Will Bitcoin Follow? Watch Out For This Next! we talked about the importance of the $29,521 support region and how it could be the fate decider for the Bitcoin price in the coming days.
Well, the Bitcoin price just tested this support again and rejected it again! Making that region even more important right now for the Bitcoin bulls to hold.
This price rejection created a bullish double bottom pattern for the Bitcoin price, pointing to the high likelihood for us to see the Bitcoin price continue to trend higher in the coming days.
Watch Out For The Neckline Break!
The Bitcoin double bottom bullish scenario is a very high probability setup crypto traders can take advantage of and benefit from in the coming days. But for this pattern to get confirmed, we need to see a break and close above the $34,588 neckline price region.
This price region is very important because it has served as both support and resistance for the Bitcoin price on numerous occasions and might do so again in the coming days.
If Bitcoin fails to break through this horizontal support, then there is a very high probability that we might see a price decline or a continued ranging market for Bitcoin.
For the bullish price scenario. we wait for the Bitcoin price to break through the $34,588 which also serves as the neckline for the double top pattern.
Once broken, we can expect the Bitcoin price to surge as high as $37,553 or $39,845 in the coming days. If Bitcoin breaks through these levels, we can expect a test and a likely break of the ATH really soon.
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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin chat as well as key fundamental factors that might affect the Bitcoin price in the coming days.
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