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.
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.
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