Price analysis

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.

The price of bitcoin surged above $5,000 for the first time in 2019 and many investors now believe that the bull market is coming back. However, that may not be the case.

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.

The market has continued its slow upward drift into overhead resistance. Slowly but surely, we are testing all the resistance.

Last Friday, we discussed a macro resistance level bitcoin would likely test. The level was tested three times prior and immediately rejected. Now, for the fourth time, we find ourselves situated above the level as we wait to see if our support holds.

Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row.

Bitcoin continues to coil tightly within its range-bound market as the bulls and bears fight it out to see which is most dominant.

Bitcoin finally broke a new high but was rejected immediately, setting us up for a reversal called a “Swing Failure Pattern.” The failure to close above the new high could mean the a liquidity run took place for large institutions to short the market.

Bitcoin broke short-term support on high volume and high spread. The support came on the heels of a week-and-a-half-long consolidation within a narrow range.