Bitcoin Schmitcoin

The bitcoin market is currently on the verge of breaking out of a large consolidation pattern known as a “Tilted Flag” and has a staggering price target in $7,000 region.

If we manage to close above the $5,300 level, this would mark a very bullish feat for bitcoin's market structure as we continue to test and reclaim support level after support level.

The market was previously unable to close a daily level above $5,400 but so far after three tests, it has established intraday support. The market structure remains bullish as we establish higher highs and higher lows and the next milestone for a bullish continuation is a daily close above the $5,600 level. Major resistance lies just overhead in the upper $5,000 to low $6,000 zone.

Bitcoin clearly broke upward out of reaccumulation trading, it seems likely that we will start to encounter sellers looking to get out of the market and a macro bullish continuation is likely.

Bitcoin’s macro-bullish market structure remains intact, a test in the $5,700 to $6,000 range is likely before any meaningful, macro pullback takes place and a key price to watch is the $5,250 level.

Despite a strong round of selling within the past few days, bitcoin's bullish market structure remains intact. The intraday levels have shown support following the selling and, if the current levels do not hold, we can expect to see a test of the $4,700s.

The bitcoin market has seen sustained buying pressure, new support has been established on three separate levels and we're still sitting between macro support and macro resistance.

The buying pressure in the bitcoin market holds above the monthly resistance level, bulls devoured some short-lived selling pressure and we are now sitting in between support and resistance levels.

Bitcoin has managed to break the immediate bearish market structure. At the moment we are testing a break of the descending trendline as we also approach the monthly resistance level in the $4,800s.

The bitcoin market has managed to find support on macro levels that were previously resistant for the first time as we creep up once again for a test of the macro resistance.