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Bitcoin Price Analysis: Upward Consolidation Hints Toward Diminishing Market Supply



Summary:

  1. The bitcoin market has seen sustained buying pressure as the daily candles have continuously closed new highs following the impulsive move that brought us to the $5,000 levels.
  2. From an intraday perspective, we have established new support on three separate levels that were previously resistance as the market progresses along its supply and demand channel.
  3. Macro-wise, we are still sitting in a no man’s land between macro support and macro resistance. The low timeframe has the market consolidating upward with higher lows and higher highs in conjunction with decreasing volume. The next macro resistance level lies at $5,600.
  4. If the market fails to rally, we can expect a retest of the established support at $4,700.

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.

 

source: http://feedproxy.google.com/~r/BitcoinMagazine/~3/8TH0zkLXsDw/

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