- Bitcoin’s strong uptrend resumes as, once again, the market has claimed new highs in the $5,900 zone.
- Our market structure remains bullish as we have consistently created higher highs and higher lows. Specifically, the market structure has progressed in a sort of stair-stepping fashion that has created multiple zones of support that have been tested several times on the 4-hour time frame.
- On a macro scale, we are in the process of beginning to test daily resistance, but we haven’t truly encountered the weekly resistance just yet. Weekly resistance lies at $6,150 — this is a level that will likely encounter a perfect storm of early bulls (individuals who bought in 2018 and might be looking to break even by selling their bitcoin) combined with profit-taking bulls who rode the trend from the $3,000s, as well as eager bears who are looking to open short positions.
- At the moment, the market is finding support on our current 4-hour level, but in the event we see a pullback, we can expect to see the stair-stepping support levels we created to stifle any impulsive moves to the downside.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared on Bitcoin Magazine.