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In our previous Bitcoin analysis, Bitcoin Getting Ready For A Massive Move! Rally To $42k? we talked about the Ending Diagonal Pattern currently playing out in the 4-hour timeframe and the bullish breakout we were waiting for.
Well, this breakout is playing out exactly as we predicted! And we expect to see this rally in the Bitcoin price continue higher in the coming days
In this BTC analysis, we will be breaking down the new levels we are watching right now as well as what we believe might happen next in the coming days.
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Bitcoin Bulls Are Back! What Now?
Well, we believe the Bitcoin price has broken out of this Ending Diagonal pattern in the 4-hour timeframe and is currently undergoing a price retest before the rally continues.
This price retest will give us a change in the structure of Bitcoin, successfully moving us from a bearish market to a bullish market in the coming days.
Once this price retest is over, there is a very high probability that we might see more bullish pressure come into the Bitcoin market and begin pushing the price higher to complete the Ending Diagonal Pattern breakout.
How Low Can We Expect This Price Retest To Go?
The most important support for Bitcoin right now is the $37,489 price level in the 4-hour timeframe.
For Bitcoin to remain bullish, the price of BTC must continue to respect and trade above this $37,489 key support in the 4-hour timeframe.
This $37,489 key support is very important for Bitcoin because a price breakthrough and close below it invalidates this Ending Diagonal Reversal Pattern we are currently seeing play out.
So no matter how low this current price retest goes, we do not expect to see it go below the $37,489 support.
This is the only way our bullish prediction remains valid and our bullish target of $42,500 can be achieved.
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