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The crypto market ended the trading day very bullish as the Bitcoin price lead the crypto rally that saw Bitcoin break through the $40k key resistance level on the 15 minutes timeframe.
We talked about this resistance level in our previous End Of Day Analysis Bitcoin Rallying As Predicted. Watch This $40k Level!, warning our readers of the potential for us to see a price sell-off soon
Well, that sell-off played out exactly as we predicted with Bitcoin crashing back to the $38k price region before finding support and rallying back up! This new rally pushed the price above the $40k key resistance, confirming our bullish bias on Bitcoin and indicating a further rally in the price soon!
In this Bitcoin analysis, we will be breaking down the key levels we are watching as well as the converging triangle pattern currently forming on the 5 minutes timeframe.
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The $40k Key Level!
The Bitcoin price is currently trading above the $40k key resistance on the 15 minutes timeframe.
This key level has served as both horizontal support and resistance for Bitcoin on numerous occasions in the past, increasing its validity and importance for the current bull run we are experiencing in Bitcoin.
We want to see the price hold this key level and continue to rally in the coming days. And we can expect that rally to happen soon! because Bitcoin is currently forming a converging triangle pattern in the 5 minutes timeframe.
Bitcoin 5 minutes Converging Triangle Pattern
The converging triangle pattern on the Bitcoin price is developing as Bitcoin continues to build momentum for another rally soon! And that rally would start once the price breaks out of the converging triangle pattern on the 5 minutes timeframe.
A breakout out like this could see the Bitcoin price rallying higher towards the $45k price regions in the coming days!
However, for that bullish prediction to remain valid the Bitcoin price must do two things:
- Bitcoin must continue to trade above the $40k support
- Bitcoin needs to make a bullish break out from the 5 minutes converging triangle
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