• The consolidation has an upward tilt that will be causing us to slowly grind via a macro immunity level that has witnessed three strong rejections within the previous 3 months.
  • Should we fail to violate the overhead immunity and locate support, we can anticipate a macro retest of this service level in the mid 3,000s. However, if we break out and find support, we can expect to see, at the minimum, a retest of the non $4,000 area.

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    We will need to see a bullish close either above our existing resistance or below our existing macro service prior to any meaningful market movement is accomplished. Until then, it’s only chop-city as we ping-pong back and forth between the upper and lower borders of our scope.
    The blue zone outlined above shows a very solid zone of service that, within the last couple of weeks, has witnessed three strong tests and has led to a slowly upward-drifting marketplace consolidation. Since re-establishing support, the marketplace has yet to observe a meaningful retest of this overhead immunity outlined above at the red dashed and solid lines. The instant resistance sitting overhead has, historically, has been an incredibly volatile stage in which supply has shown and stifled any bullish pressure:

    Since we’re stuck in the midst of a range, the market is pseudo-agnostic concerning its market prejudice. It’s a Small no-man’s-land, so to speak. If we do see that a rejection of our overhead level, we can fully expect a retest of this macro, gloomy service zone shown previously. A failure to hold the darkened zone will undoubtedly yield a quiz of our intermediate highs in the low $3,000s.
    Form 1: BTC-USD, Daily Candles, Narrow Range

    Bitcoin stays in its closely coiled range as the marketplace continues its sideways trend for the next week in a row. While macro support has been tested three times lately, we have to test the overhanging macro immunity:

    Although it’s still premature to tell and we have yet to actually establish support on this level, the early signals of bearish exhaustion are starting to surface as we make our way upward. If we figure out how to test and find support about the dark level, it appears logical that the next thing would be to test the level at the reduced $4,000s that has been rejected so many times before.

    The black level outlined above reflects the preliminary degree that the marketplace had tested prior to shoving to the red macro immunity levels. In Figure 2, we can see three apparent evaluations followed immediately by three rejections. And now, after finding service on a big, intermediate degree (the blue zone), we appear to be meandering upward into the instant overhead black immunity.

    This present move is significantly distinct from the prior moves. The 3 prior tests happened quite inexpensively and were matched using overwhelmingly violent selling answers. Our fourth evaluation, however, was a slow, constant grind. Upward drifts like this are often signs of weakening distribution and, therefore, a weakening immunity level.