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In our previous Bitcoin analysis titled Bitcoin Bullish Reversal Pattern Playing Out Exactly! What Next? we made a bullish prediction for the BTC price, forecasting a very high likelihood for us to see this bullish rally in Bitcoin continue into the coming days.
Well, that bullish prediction is playing out exactly. And right now, the Bitcoin price is currently forming a bullish continuation pattern in the 15 minutes timeframe.
We will be breaking down what this pattern means to the Bitcoin price chart as well as the key levels we are currently watching.
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Bitcoin Bullish Rally Playing Out Exactly!
All through the early hours of yesterday, we saw a massive surge in the Bitcoin price as the cryptocurrency rallied exactly as we predicted. However, most of that price gains were given back as the BTC price sold off again during the night.
This retracement in price has created a new pattern we are currently monitoring in the 15 minutes timeframe. The pattern in question is a Descending Channel Pattern, and it better helps us understand what exactly the BTC price is doing right now!
Bitcoin Descending Channel Pattern
The Descending Channel Pattern is typically known as a continuation pattern. This means in the coming days we expect to see the Bitcoin price breakout and continue to move higher.
Until this bullish breakout occurs, we will stand aside and wait for the completion of this Descending Channel pattern and the confirmation that the bullish rally in Bitcoin has resumed!
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