The Bitcoin price failed to rally as we expected after the price broke through the bullish flag pattern playing out on the 15 minutes timeframe.
However, Bitcoin is still very bullish and will remain bullish as far as the price continues to trade above the $40k support level. And right now, Bitcoin is forming a new bullish pattern that further confirms our bullish bias.
This pattern is currently playing out on the 15 minutes timeframe, and points to more bullish rallies to come soon!. We will be talking about the key levels to watch for as well as when we might expect a Bitcoin breakout in the coming days.
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Bitcoin Forming A Larger Flag Pattern
The Bitcoin price is consolidating above the $40k support on the 15 minutes timeframe, building up momentum to continue its move higher. However, we can expect this consolidation to be over soon as we expect to see Bitcoin breakout higher in the coming week.
The key level to watch for is the top channel making up the flag pattern. A break above this top channel on the 15 minutes timeframe confirms the end of this ranging market and a potential for us to resume the bullish run we were in all through last week.
But for this bullish prediction to play out, the Bitcoin price needs to first break out of that flag pattern. Until that happens there is a very high probability that Bitcoin will continue to range.
Even though we didn’t see the rally we were expecting for the breakout of our previous analysis Bitcoin Ready To Rally Again! Watch This Pattern. Price To $44k?, we are still very much bullish on Bitcoin and believe there is a high probability for the price to keep on heading higher.
But for that to happen, the $40k support must hold! A break of this support on the 15 minutes timeframe only spells doom for the Bitcoin bulls.
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