Bitcoin Finds Support. Prepare For Bull Run?

1:42 pm, Mon, 25 January 21

Current Bitcoin Data

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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.

Important Bitcoin Pattern Forming Right Now. Breakout Imminent!
Image from last price prediction showing 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.

Bitcoin Finds Support. Prepare For Bull Run?
Bitcoin bouncing off support on the 1-hour timeframe

Bullish Outlook For Price

Bitcoin Finds Support. Prepare For Bull Run?
Bitcoin bullish outlook for price on the 1-hour timeframe

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.

Key resistance playing out on the 1-hour timeframe

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.

Bitcoin Finds Support. Prepare For Bull Run?
Price target for the bullish outlook on the 1-hour timeframe

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.

Price prediction for Bitcoin on the 1-hour timeframe

Bearish Outlook For Price

Bearish outlook for the Bitcoin 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

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