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The crypto market traded sideways most of today as bullish momentum continues to fade on the Bitcoin 15 minutes chart. This declining momentum is very bearish for Bitcoin and points to a likely sell-off, especially if we don’t see buyers start coming back into the market soon.
We are already seeing the negative effect of this declining momentum on Bitcoin as the price continues to struggle to break through the $40k resistance, forming a ranging market on the 15 minutes timeframe exactly as we predicted in our previous analysis IS Bitcoin Running Out Of Steam? Watch This Divergence!
We will be talking about the key levels we are watching for on both the BTC charts in this cryptoanalysis.
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BTC Ranging Market Ending Soon! Watch This Pattern
The Bitcoin-ranging market is about to end as the Bitcoin price is currently forming a converging triangle pattern in the 15 minutes timeframe. This bullish pattern is also forming around the $38,907 key level.
For our bullish bias on Bitcoin to remain valid, we want to see the price respect this $38,907 support.
However, a break of this support invalidates our bullish prediction and only points to more weakness and a likely pattern breakout to the downside.
This makes it very important for the Bitcoin bulls to hold the $38,907 support at all cost in order to sustain the current bullish rally on the Bitcoin lower timeframe.
Final Verdict!
We are still very bullish on Bitcoin and we believe that the cryptocurrency price might continue to rally in the coming days. However, for our bullish bias to remain valid, the Bitcoin price most respects the $38,907 support on the 15 minutes timeframe.
A break of this support invalidates our bullish prediction on Bitcoin and points to more sell-off soon!
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