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The Bitcoin bulls are showing signs of strength as we are seeing a price push up at a key level on the 15 minutes timeframe. This $56,087 key support plays a crucial role in what the Bitcoin price will do in the coming days. But how important is this support to the BTC bulls and what could happen if this level gets broken?
Continue reading as we break down the key patterns currently playing out right now in the Bitcoin price chart as well as the key levels we are keeping our eyes on.
Bitcoin Descending Channel Pattern!
In our previous Bitcoin analysis, Must Read: Bitcoin Could Crash More Than 7% Soon! Watch These Key Levels we talked about the descending channel pattern the BTC price was trading in. And within that pattern, a very key price support stood out on the 15 minutes timeframe.
This $56,087 key level has served as strong support on numerous occasions in the past and is currently the last line in the sand protecting the Bitcoin price from falling even lower in the coming days.
In this Bitcoin analysis, we will be talking more in-depth about the importance of this key level and why it is so important for the Bitcoin bulls to defend it at all costs!
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Bitcoin Key Support!
The Most important key support for Bitcoin is the $56,087 horizontal level. As far as Bitcoin continues to trade above this key support there is a very high probability that we might see a price bounce like we have been seeing in the past.
There is a very high potential for this kind of bullish rally to play out. But in order to do so, the $56,087 key support most hold! A price break below this key support only spells doom for Bitcoin for the short term.
Bitcoin Bearish Prediction!
A break below the $56,087 key support is all we need to confirm the start of the Bitcoin sell-off! If this level gets broken there is a very high probability that we might see a BTC price crash down to the $53,783 price regions in the coming days.
Final Verdict!
The Bitcoin price is trading at key support on the 15 minutes timeframe. As far as the price continues to trade above this $56,087 key level, there is a very high probability that we might see Bitcoin bounce and continue to rally higher in the coming days.
However, if this $56,087 key support gets broken, there is a very high probability that we might see a Bitcoin sell-off play out in the coming days.
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