The crypto market ended the trading week slightly bullish as the price of both Bitcoin and Ethereum ranged most of the time during the week. This ranging market however is about to end as the Bitcoin price continues to trend higher confirming our bullish bias on Bitcoin.
This bullish bias is further backed by the growing demand for Bitcoin, Ethereum, and the BlockChain technology worldwide. This demand will only increase as the days go by, meaning the Bitcoin price can only head in one direction for the long run and that direction is up!
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Key Levels To Watch For on Bitcoin This New Week!
The Bitcoin $48k key support held has predicted in our previous analysis Bitcoin Sell-off Over! Watch This $48k Key Support Level. This bullish price bounce confirms our bullis bias on Bitcoin and the end of the ranging market in Bitcoin and the likely resumption of the bull run we have been experiencing in the crypto market for the past few weeks.
The coming rally might even push the Bitcoin price back into the ATHs region soon!
However, for this to happen Bitcoin needs to break through a key horizontal resistance on the 15 minutes timeframe. And a failure to break through this $49,843 resistance might only mean Bitcoin will continue to range and trade sideways into the new week.
Bitcoin Bullish Prediction!
A price break and close above this $49,843 key resistance is a very bullish sign we need right now for Bitcoin.
A failure to break through this key level will only see bearish pressure building on Bitcoin as the price continues to trade sideways within the horizontal chnnel on the 15 minutes timeframe..
How Will This Affect Altcoins?
We know the Altcoin price follows Bitcoin very closely. This makes a bullish rally like this on Bitcoin very important for the coming Altcoin season.
Ethereum is already leading the way after finding support at the $3,127 horizontal price level exactly as we predicted in our previous analysis Warning: Ethereum Needs To Break Through This Channel!
However, Ethereum is yet to break through this channel playing out in the 15 miutes timeframe.
Ethereum Bullish Price Prediction!
We need to see Ethereum continue to rally higher in the coming days. The key level to watch is the resistance of the horozontal channel the Ethereum price is trading within in the 15 minutes ttimeframe.
A price break and close above this channel opens up the way for more bullish moves in Ethereum soon! A failure to do so will only mean that Ethereum has a very high probability to continue ranging and trading sideways within the howizontal channel come next week.
This puts a pause on the Ethereum bull run, making it very important for the Ethereum bulls to break through this channel.
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This week’s Cryptocurrency Performance by Market Cap
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