The Bitcoin bulls are back and in full control of the Bitcoin price, pushing the cryptocurrency higher and finally breaking through the $13k resistance level and is currently trading at $14,600.
This $13,877 resistance has been a major roadblock for the resumption of Bitcoins bull trend for a while now. However, the big question traders are asking right now is;
“is the bull trend fully back, is it time to buy Bitcoin, or should we still wait for more confirmations?”
And in this Bitcoin analysis, we will be carrying out an in-depth analysis of the current price action and pointing out important price patterns and key levels to keep an eye on in the coming days
Waiting For A Retest
Bitcoin is currently breaking through two important resistance at this point in time. The $13,877 horizontal resistance and the top line of the ascending channel Bitcoin have been trading in for a while now.
However, we still need to see a daily close above that ascending channel before this bullish move can be confirmed.
We also need to see more bullish volume begin coming into the market because this bullish breakout is currently occurring during a period we are seeing the Bitcoin bullish volume diminishing.
This is a clear red flag that indicates there is a very high probability that this might be a fakeout or we might see price begin to retrace back down in the coming days.
Important Supports To Watch
If the Bitcoin bulls cannot hold the price above the top of the ascending channel, the first support region they need to defend is the $13,877 price region.
However, if that $13,877 support gives way, then there is a very high probability that we might see a steeper retracement to the base of the ascending channel.
Bitcoin is currently in no man’s land, waiting for more confirmation can help you avoid entering too early or getting faked out. However, the Bitcoin trend remains very bullish.
We have also created a video below where we talked more in-depth about the current happenings in the Bitcoin market, the effects of the U.S presidential elections on the market as well as key fundamentals you should know about.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With