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The Bitcoin price rallied as predicted in our previous analysis Bitcoin Just Formed This New Key level. Bulls Still In Charge! However, the Bitcoin price didn’t get to our $36k target before topping out and retracing a bit.
Is this the end of the bull rally or can we expect to see more buying power come in soon?
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The $33,538 Support Region!
The Key level we are watching is the $33,538 support region on the 15 minutes timeframe! This region was formed when price consolidated around that support before surging higher.
If this level holds, we might see Bitcoin bounce and rally higher to the $36k price level in the coming days.
Bitcoin Bearish Price Scenario!
The $33,538 is still the key support to watch. If Bitcoin breaks through this 15 minutes support, we might see the price sell-off back down to the $28k region soon!
This could bring an end to this current crypto rally, pushing us back into a Bitcoin bearish or ranging market once again!
The Big question now is can the Bitcoin bulls hold the $33,538 support or is this Bitcoin price rally over?
We are still very bullish on the Bitcoin price for the short term. However, we will remain bullish as far as the Bitcoin price continues to trade above the $33,538 support.
A break of this support indicates growing weakness in Bitcoin and a likely dump back down in the coming days!
For More Trading Ideas!
For more trading ideas check out our short technical analysis on Bitcoin where we talk in-depth about the current bullish pattern playing out on the daily timeframe and what it might mean for the general crypto market.
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