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The Bitcoin price has been selling off for weeks now, losing the cryptocurrency more than -34% in value from its previous ATHs as of the time of writing this.
However, that rapid sell-off seems to be slowing down or even stopping right now and the key level to thank for this is the $45,538 key support on the 1-hour timeframe.
The bears have tested this level over and over again and the Bitcoin price has not budged! This means there is a lot of bullish support here and this might be the turnaround we have been waiting for!
In this Bitcoin analysis, we will be talking about the key pattern currently forming at this key level and what it might mean for the Bitcoin price in the coming days.
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Bitcoin Ending Diagonal Pattern!
The Bitcoin price is currently forming an Ending Diagonal pattern on the 1-hour timeframe. And the most important thing about this pattern is where it is currently playing out.
This confluence of an ending diagonal pattern at the $45,538 key level gives the Bitcoin bulls the chance to take back this market and stop the downward trend in Bitcoin. But can they do it?
A Bit More About Ending Diagonal Patterns!
An Ending Diagonal Pattern is the first sign that a price reversal might be coming into play soon. It usually forms after a massive move occurs and the momentum dries up to push it any further.
Once the Ending Diagonal Pattern is completed, we can expect to see a bullish reversal in play and a massive surge to the upside.
Best Trade Entry Levels For This Pattern!
The best trade entry level is a break of the resistance channel of the pattern on the 1-hour timeframe. Once the Ethereum price can clearly break through this level and stay above it, we can expect to see the bullish rally follow through immediately!
Final Verdict!
The Bitcoin price is currently forming a bullish reversal pattern around the $45, 538 key level on the 1-hour timeframe. The biggest question we want to be answered is
Can the Bitcoin bulls stay above the $45,538 key level on the 1-hour timeframe?
As far as the Bitcoin price stays above this key level, the bullish reversal Ending Diagonal pattern remains valid. However, a break below this key $45,538 key level only spells doom for Bitcoin.
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