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The Bitcoin price looks to be trading within a Channel Pattern in the 15 minutes timeframe. This horizontal channel pattern provides us with key levels to watch out for in the coming days.
And right now, the Bitcoin price is testing the base support of this pattern. The question trades are asking now is will this key support hold?
In this Bitcoin analysis, we will be breaking down the possible bullish scenario that we might expect to see play out if this key support does hold.
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Bitcoin Testing This Major Support
This base support has served as a massive key level for the Bitcoin price for weeks now. We can see clearly that the BTC price has tested this key support over and over again in the past and failed to break below it.
So in the coming days, we might see history repeat itself as Bitcoin approaches this major level again.
If the Bitcoin price tests this support and bounces back up, there is a very high probability we might see a massive +5% surge in the value of Bitcoin as the price heads back to the top of the horizontal channel pattern.
Final Verdict!
The Bitcoin price is approaching major support in the 15 minutes timeframe. What direction the BTC price will take in the coming days will depend heavily on how prices react with this key level.
If this support holds, there is a very high probability that we might see a bounce and a rally in the value of Bitcoin. However, if this key support gives way, we might be seeing more push-down for the BTC price.
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