Bitcoin Price Evaluation: Resistance Turned Service Enforces Bullish Continuation

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Summary:

  1. After breaking from a macro reaccumulation range, the market saw a small pullback that led to a retest of prior resistance that’s now being respected as support. The market has been previously unable to close a daily amount above $5,400 but so far after three tests, the market has established intraday support.
  2. The industry structure stays bullish because we set higher highs and higher lows. The following milestone for a bullish point is a daily close above the 5,600 level.
  3. Major resistance is located just overhead from the upper $5,000 to low 6,000 zone, but to date we’ve yet to find any major source hit the market. The pullback looks to be setting up another leg upward and far continues to be healthy.

Investing and trading 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. Details on Bitcoin Magazine and BTC Inc websites and statements don’t necessarily reflect the view of BTC Inc and should not be viewed as an endorsement or recommendation to buy, hold or sell. Past performance is not indicative of future outcomes.