The bitcoin market has gone parabolic as we blasted off through two major weekly levels. We are currently testing the $8,000 level and we might see a strong round of selling hit the market that could potentially pull us down to retest the mid-$6,000s. If we manage to crack the overhanging resistance and find support, we can expect to see further price growth.
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.
PREDICT BITCOIN
