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The Bitcoin price has finally broken through the $34,588 key resistance level. We talked about the importance of this level in our previous Bitcoin analysis Bitcoin Take Profit 1 & 2 Smashed! What Next? New Trade?.
In that analysis, we gave a high probability entry point for both the Bitcoin bullish and bearish price scenarios, and today our bullish entry has just been triggered with Bitcoin currently up more than 6% for the day.
If you followed the analysis from our previous article you should already be up in profits. Well, in this article we will be talking about the target levels to aim for as well as key levels that must hold for this Bitcoin bullish move to remain valid.
If you didn’t take the previous trade, you now have the advantage to partake from this coming Bitcoin trade setup on Bybit. The platform is fantastic for both beginners and experienced traders.
You also get up to $600 bonus to start trading immediately when you signup with our Bybit link
Up Up and Away!
My profit target for Bitcoin remains the same at $37,553. We will also want to see the $34,588 previous resistance now turn support hold. This would be a much-needed confirmation that the bulls are in full control and fully committed to pushing the Bitcoin prices higher.
Bitcoin also formed a very key pattern for this breakout “The Head and Shoulder Pattern. The head and shoulder pattern is a very high-quality trade setup and provides us with likely targets and key support levels to watch out for.
The target for this head and shoulder pattern is $37,165, a few dollars below that $37,553 key resistance level we talked about earlier on in the analysis.
Ethereum Trading At A Key Level
The ETH/USD price is also trading at a key level with price bouncing within a converging triangle pattern. If the price breaks through and closes above the $14,33 resistance level, there is a high probability that we might see Ethereum surge to a new ATH against the U.S dollars very soon.
To take advantage of this coming Ethereum trade setup, signup to Bybit with our link and get up to $600 bonus to start trading with immediately!
We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin and Ethereum chat as well as key fundamental factors that might affect the Bitcoin price in the coming days.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With
