Price

After a strong round of selling over the course of two weeks plunged the price of bitcoin back to the $6,000s, the cryptocurrency now seems poised for another upward swing.

As prices continue to flirt with key support points, people still need hubs to trade their cryptocurrencies. In this case, it seems that many exchanges are still doing just fine.

Although the overall volume trend is consolidating, it is pretty clear that sell pressure is still very present relative to bitcoin's recent bullish rally.

If the market holds the 200 EMA level, it is likely that expanding volume will react on any rally coming off the 200 EMA support.

While it is inherently bearish to push below a trading range, there are a couple arguments that can actually put a bullish twist on bitcon's deep test of support.

While the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering as the market continues to consolidate.

The current market trend has managed to find support on the prior lows; however, the support seems to be on shaky ground as it is currently trending in a pattern known as a bear flag.

We are currently in the process of testing important support levels and we need to keep a skeptical eye as monitor the bitcoin market and gage the reaction to these new support tests.

There are various levels of support that all need to considered and analyzed on a case-by-case basis, as they potentially could result in a cryptomarket-wide, devastating downward continuation.

The bitcoin market has been consolidating for months in the form of a symmetrical triangle and is tightly wound for a strong, sustained move.