Bitcoin sentiment is at an all-time high with both retail and institutional players pouring into the market. In this Bitcoin analysis, we will be talking about the key patterns and keys levels playing out now and how to take advantage of it.
Will Bitcoin Continue Surging?
The Bitcoin bulls are in full control of the market right now, but for them to keep on pushing the price higher, there are a few key support levels that must not be broken.
1. The Base Of The Expanding Channel
The first key support to watch out for is the base of the ascending channel Bitcoin is currently trading in on the 1-hour timeframe. This channel is very important to the Bitcoin bulls because a break below it could see us crashing lower in the coming days.
2. The $25,861 Horizontal Support
If the base of the expanding channel gets broken, the next and final support to watch out for is the $25,861 horizontal support. A break of this key level could see more sellers coming into the market and cause the Bitcoin price to dump between 14% to 22% in the coming days. This dump would push the Bitcoin price back to the $22k to $20k price regions in the coming days.
However, if the $25,861 level holds, there is a high probability that we might see renewed buying power come into the cryptocurrency. This renewed buying could potentially push Bitcoin past the $35k mark to as high as $40k or $50k.
We also created a video below where we talked more in debt about the various weaknesses developing on the Bitcoin chat as well as key fundamental factors that might affect the Bitcoin price in the coming days. We also analyzed the ETH chart and made price predictions on the current bullish moves happening.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With