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Bitcoin is still in a ranging markets, and right now the battle between the bulls and bears is still playing out. But that battle might be over soon, Bitcoin is currently forming a converging triangle pattern on the 30 min timeframe.
A price break of this converging pattern might see the Bitcoin price finally ralleying out of one these two horizontal levels either to the upside or downside soon!
In this Bitcoin analysis, I will be breaking down what to look out for and how to take advantage of this coming move.
Bitcoin Bullish Price Prediction
For the bullish price prediction in Bitcoin, we want to see the price break out of the converging triangle to the upside. This price breakout would confirm our bullish bias and the resumption of the Bitcoin up trend.
Bullish Price Target
For the bullish target, a Bitcoin break out to the upside could see the Bitcoin price rallying to the $51,877 level. This is above the $43,408 resistance and could signify the end of the Bitcoin sell-off.
Bitcoin Bearish Price Prediction
For the bearish prediction in Bitcoin, we want to see the price break through the converging triangle pattern to the downside. If this occurs, then there is a very high probability that the sell-off in the Bitcoin price is far from over and we might see Bitcoin trade below the $28k region.
Bearish Price Target
For the bearish target on Bitcoin, we want to see a price break below the the converging triangle. This could see the Bitcoin price dumping to the $26,801 level. This is below our $28k key support region.
The Bitcoin price has been bouncing around this $28k key support for a while now and a break below this support could see the Bitcoin sell-off continue maybe even through next week.
Final Verdict!
Bitcoin is still trading within the converging triangle pattern and is therefore not ready to be traded yet. We want to see price breakout of this converging triangle pattern either to the upside or downside before we start looking to place any trade on Bitcoin.
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More Trading Ideas?
For more trading ideas, checkout this Youtube live we made today where we analysed a lot of Altcoins and the general news and fundamentals playing out on the cryptocurrency market.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
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