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The Bitcoin price is currently trading in some kind of Channel Pattern in the 1-hour timeframe. This pattern offers us key support and resistance level to watch out for in the coming days.
And right now, we are seeing the Bitcoin price bouncing from this Channel support and getting ready to make a 4% rally higher towards the channel resistance.
The Bitcoin price has made moves exactly like this throughout the development of this Channel Pattern, and we believe we can take advantage of this new move about to occur.
In this Bitcoin analysis, we will be breaking down the key levels we are watching to confirm our bullish bias and trigger our buy entry into this Bitcoin move.
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Bullish Confirmation for This Move!
The bullish confirmation we are waiting for on the Bitcoin 1-hour timeframe is a break above the previous highs of $40,593.
A price break above this $40,593 price level will push the BTC price into new highs and indicate that the Bitcoin bulls might just be ready to make that move higher to the Channel resistance.
Until a bullish breakout like this occurs, it is best to stand aside and wait for the bullish confirmation to play out.
Point Of Invalidation!
For this bullish prediction to remain valid, the Bitcoin price must continue to respect and trade above the Channel support.
A price break below this 1-hour support invalidates this move higher and indicates a possibility of more price weakness in the coming days.
So no matter what Bitcoin does, it needs to respect this channel support to remain bullish for this short-term trade setup to work!
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