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For Bitcoin to become bullish again, a key trend line must get broken in the 4-hour timeframe.
This Descending TrendLine has served as a sloping resistance against the Bitcoin price every time it attempted to move higher. Even the current rounds of sell-off we are witnessing originated from this Descending Trendline resistance also.
This makes this Trendline a very key resistance to the Bitcoin price. A key resistance that must be broken through if we want to see more movement to the upside in the coming days.
In this Bitcoin analysis, we will be breaking down the possible price scenarios to expect for a bullish move in Bitcoin and the key levels we are currently watching.
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What Bitcoin Must Do To Become Bullish
For Bitcoin to become bullish, we must see a change in the price structure of the coin. That change in structure can only happen if the BTC price breaks through and closes above the Descending Trendline that has been holding prices back in the 4-hour timeframe.
A bullish price break like this would create a new high for Bitcoin and open up the potential for us to see a massive rally to the upside in the coming days.
The question now is “are the Bitcoin bulls ready for a push like this or do we still have a long way to go to the downside?”
Final Verdict!
The Bitcoin price is still in the bearish territory as we speak, and unless it can come out from this bearish region, there is a very high probability that we can expect to see more movement to the downside in the coming days.
However, to come out from this bearish region, the Bitcoin price will need to break and close above the Descending Trendline currently holding prices back in the 4-hour timeframe.
A price breakout like this creates a bullish structure for Bitcoin and opens up the way for a massive rally back up in the coming days.
But until that bullish breakout occurs, the ETH sellers are still in full control of the prices.
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