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The crypto market ended the day slightly bullish as the price of both Bitcoin and Ethereum rallied higher exactly as we predicted. This bullish rally shows the presence of a strong bullish momentum in the cryptomarket and the potential for us to see more bullish run in the coming days.
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The Bitcoin Bullish Rally!
In our previous Bitcoin analysis Must Read: Bitcoin Just Broke Through This Pattern! What Next? we talked about the price breakout of the expanding channel as well as a Bitcoin retest of a support confluence in the 15 minutes timeframe.
These $48,078 horizontal support and the expanding channel resistance served as a strong confluence to stop the Bitcoin sell-off and push the price back up.
We can expect this rally to continue in the coming days as more bullish momentum comes into the Bitcoin market next week.
Bullish Target!
The next targate we are watching for is the $50,500 price level. The Bitcoin price got to this level previously and then crashed. How price will react to this level in the coming days is still unknown.
But what has a very high probability of playing out is a Bitcoin bullish rally from the current price level of $49,126 to the previous highs of $50,500 soon!.
Final Verdict!
We are very bullish on Bitcoin entering the new week and believe there is a very high probability for us to smash the $50k price region soon! But for that to happen, the Bitcoin price needs to repect and continue trading above the $48,078 horizontal reesistance.
A price break and close below this key level will only mean more bearish pressure and a potential sell-off for Bitcoin. This makes it very important for the bulls to hold on to the $48,078 support in the 15 minutes timeframe at all cost!
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