Price

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.

Profits earned from bitcoin mining have seen a clear rise since the start of April 2019 and hit a near half-a-year high on April 15, 2019.

One of China’s biggest OTC traders claimed that the sudden jump in bitcoin price does not mark the end of the bear market.

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 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.