The $3,000 level is one of the few established levels that has proven to hold up during a support retest, and right now, it looks as if the price of bitcoin will get a slightly deeper test of the $3,000 values.
Days and days of sideways consolidation and tightening volume has been the name of the game for the bitcoin market as it prepares for bitcoin’s next price move:
For the last week, bitcoin has been pretty tightly coiled in a relatively narrow range. A breakout of the range in either direction will likely yield a strong continuation in the direction of the breakout.
Remember: We are still in a bear market. Just because bitcoin saw a couple of weeks of strong demand, that does not negate the previous months and months of downward pressure.
Bitcoin has enjoyed a 25% rally over the last few days. But at the top of its current rally, we see a Gravestone Doji setup that could potentially lead to a bearish reversal.
Bitcoin has dropped 50% in 1 month and continues to test previous support levels. We are currently experiencing a breakout of a massive bear pennant that has a price target of $1700.
After bottoming out around $3,500, the price of bitcoin enjoyed a near 25% rally where it is currently testing the resistance of its macro 78% retracement.
Bitcoin continues to tumble lower and lower as it struggles to claim any footing in the market. It’s down almost 50% in three weeks and it’s showing very little sign of stopping. It’s currently clutching onto the $3,500 values but it doesn’t look like it can hold on much longer.
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