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In just a matter of weeks, Bitcoin has crashed more than 30% in price, breaking through the converging triangle pattern we mentioned in a previous analysis Important Bitcoin Pattern Forming Right Now. Breakout Imminent! and entering a bearish trend on the 1-hour timeframe.
However, it seems that the bearish trend might just be over as the Bitcoin price as found support at the $29,533 price region. This price region is very important because it as held as support for Bitcoin on previous occasions and might do so again.
Bullish Outlook For Price
If the Bitcoin bulls can hold this $29,533 price support, then there is a high probability that we might see the Bitcoin bull run continue. The two most important levels to watch for in the coming days are the $33,823 and the $37,568 resistance regions.
The $33,823 resistance is currently in play right now and if the price breaks through and closes above it, we can expect to see Bitcoin surge higher to $37,568 before encountering any major resistance.
A break of this $37,568 price region could see us making new ATH in Bitcoin in no time. However, if the Bitcoin price fails to break through the $33,823 resistance, then there is a very high probability that we see a sideways to ranging market in the coming days.
Bearish Outlook For Price
For the bearish outlook, we need the $29,533 support to give way. A break of this support would push the Bitcoin price lower in the coming days.
We also created a video below where we talked more in-depth about the patterns 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 our How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With
