The Bitcoin bulls are struggling to sustain the bull run with the price of the largest cryptocurrency in the world running into multiple resistance on the 4-hour timeframe.
This slow down in Bitcoin momentum is causing a lot of shift in interest to the Altcoins market with ETH being the star coin in this mini-Altseason.
But for how long will the Bitcoin price continue to trade in a range, and should we expect a bullish surge or price sell-off in the coming days?
Is Bitcoin Bullish Or Bearish?
In the last analysis, we did on the Bitcoin price Is Bitcoin Still Bearish? Read This Before Buying The Deep!, we talked about the inverse head and shoulder pattern forming on the 1 hour/4 hours time frame.
In that analysis, we predicted that a break of the neckline could see the Bitcoin price surging to the $67,290 price region in no time.
Well, that bullish analysis played out exactly as predicted, with Bitcoin completing the right shoulder and finally breaking through the neckline. However, that bullish breakout was very limited as the price ran into resistance and then saw a strong rejection off the $57,196 price level.
We have seen this level serve as strong resistance to the Bitcoin price on multiple occasions and it is doing so again as we speak. However, the inverse head and shoulder pattern are still very much in play and not yet violated. This means there is a very high potential for the Bitcoin price to resume the move up to our $67,290 bullish target soon!
Key Levels To Watch
The most important key level to watch for this inverse head and shoulder bullish prediction is the $50,684 support. This support has come into play on numerous occasions and a price break of it could signify a change in trend from bullish to bearish.
We will remain bullish on the Bitcoin price as far as the price continues to trade above the $50,684 support. However, if Bitcoin breaks below $50,684 support, there is a very high probability that we might see a deeper retracement in price that will also affect Altcoins and drag the entire crypto market down with.
Even if you are trading Altcoins, it is important you keep your eyes on Bitcoin because Bitcoin is king in the crypto space
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