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The Bitcoin price just broke through an expanding channel pattern in the 15 minutes timeframe. This bullish breakout was followed by a quick price retest of the pattern.
If this level holds, there is a very high probability for us to see a price bounce and rally soon!
In this Bitcoin analysis, we will be talking about the key levels we are currently watching as well as our bullish outlook for Bitcoin in the coming days.
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Bitcoin Testing Multiple Support!
Bitcoin is currently trading at a price confluence, and there is a very high probability for us to see a strong reaction from the Bitcoin price in the coming days!
- The $48,078 Horizontal Support
The first key level we are watching is the $48,078 horizontal key level. This support has served as a key level for Bitcoin on numerous occasions and might do so again in the coming days!
If this horizontal level holds, there is a very high probability for us to see a price bounce and rally in the coming days!
- Bitcoin Expanding Channel Support!
The second key level we are watching is the expanding channel pattern in the 15 minutes timeframe. Bitcoin already broke out of this pattern and is currently retesting it right now!
If this level holds, there is a very high probability for us to see a Bitcoin rally in the coming days.
Final Verdict!
The combination of these two levels, the $48,078 horizontal resistance, and the breakout of the expanding channel pattern provides us with a strong confluence for the Bitcoin price to find support in the coming days.
If this support region holds, there is a very high probability for us to see Bitcoin bounce and rally soon!
But for this bullish prediction to remain valid, Bitcoin needs to keep on trading above the $48,078 horizontal support!
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