Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row. While macro support has been tested three times recently, we have yet to test the overhanging macro resistance:

Figure 1: BTC-USD, Daily Candles, Narrow Range

The blue zone outlined above shows a very strong zone of support that, over the last few weeks, has seen three strong tests and has led to a slowly upward-drifting market consolidation. Since re-establishing support, the market has yet to see a meaningful retest of the overhead resistance outlined above in the red dashed and solid lines. The immediate resistance sitting overhead has, historically, been a highly volatile period where supply has manifested and stifled any bullish pressure:

Figure 2: BTC-USD, Daily Candles, Three Rejections

The black level outlined above represents the preliminary level that the market had tested prior to shoving to the red macro resistance levels….

Continue reading…

Trending stories from over 100 sources, YouTube and Twitter
Our archive contains 104,539 news items. 965 articles added this week.