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The Bitcoin price is currently approaching major support in the 1-hour timeframe. This key level has served as a strong buying zone for the Bitcoin bulls twice in the past, but can it do so again?
In this Bitcoin analysis, we will be breaking down both the bullish and bearish scenarios for the Bitcoin price as it approaches this major level in the coming days.
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Can This Bitcoin Key Support Hold The Price
The key support in question is the Base Support Channel of the Flag Pattern the Bitcoin price has been trading in for weeks now. We talked in-depth about this pattern in our previous analysis This Key Pattern Spells Doom For Bitcoin! Should You Be Worried?
What You Should Know: This flag pattern is a bearish continuation pattern so there is a very high probability we might see the BTC price break through and continue heading lower in the coming days.
But for the price to do this, this Base Support Channel must be broken. And we have already seen the Bitcoin price try it two times in the past and failed.
The question now is will this Base support channel continue to serve as major support for Bitcoin or will the price finally break through it this time around
Bitcoin Bullish Price Scenario
For the Bitcoin bullish scenario, we want to see this key support continue to hold. If this level continues to serve as major support for Bitcoin, there is a great chance we will see a price bounce in the coming days.
Bitcoin Bearish Price Scenario
For the Bitcoin bearish price scenario, we want to see a clear price break and close below this support level. This would be the confirmation we need to indicate that the Flag pattern might already be completed and we should expect a price sell-off in the coming days.
Final Verdict!
Bitcoin is coming towards a major decision point in the coming days. Will it bounce from this base channel support and continue to fight the bears, or is the price already too weak and we should be expecting a massive sell-off soon?
As time goes on we will know for sure what the price really wants to do and you can be rest assured we will keep you completely updated all through.
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