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The Bitcoin price has been ranging for weeks now on the 4-hour timeframe. But when can we expect this sideways movement in price to end and what levels should you be keeping your eyes on for a potential price breakout?
In this Bitcoin analysis, we will be talking about both the bullish and bearish price scenarios that might play out for Bitcoin and the two most important price levels you should keep your eyes on.
Understanding The Bitcoin Chart
The Bitcoin price is currently trading within two key horizontal levels on the 4-hour timeframe. As far as price remains within these levels, we can expect to see the choppy and sideways market on Bitcoin continue!
However, a breakout either to the upside or downside could see momentum and volume pick up really fast.
Bullish Price Scenario! Levels To Watch On Bitcoin
For the Bitcoin bullish price scenario, we want to see the crypto price break and close above the $41,051 resistance region.
This $41,051 resistance has held the Bitcoin price back since early May and is still doing so, proving its validity and importance to the Bitcoin bulls. If this level gives way, there is a very high probability that we might see Bitcoin rally back up to the $50k or even $60k levels!
Bearish Price Scenario
For the bearish price scenario, the key level to watch would be the $30,352 support level.
This level is very important for the bulls to hold because it also serves as the neckline for the massive Head and Shoulder pattern currently playing out on the 4-hour timeframe.
You can read this full bearish analysis here Bitcoin Forming Massive Head And Shoulder Pattern! Sell? A break of this neckline or $30,352 support could mean a more bearish decline for Bitcoin in the coming weeks.
Final Verdict!
Bitcoin is currently in no man’s land and might continue to range indefinitely. As far as Bitcoin is in this ranging market, we will be looking to take only short-term trades.
However, a break of either the $41,051 resistance or the $30,352 support would finally give Bitcoin a high-quality direction we can follow in the coming days.
You can also check out our short-term Bullish prediction for Bitcoin in our previous Week In Review Analysis Week In Review: BTC, ETH Sky Rocketing! As The Crypto Rally Begun?
Trading like a Pro
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
