Bitcoin Technical Analysis

Bitcoin Technical Analysis

$BTC, $BTCUSD

The bitcoin market has been consolidating for several weeks and the volume and price volatilities are coming to a head.

The price is beginning to narrow between heavy resistance and macro support and soon either the Bulls or the Bears will give way.

As we draw near the monthly candle close, we can see that there is a heavy level of resistance we are failing to break $10,300.

The Bulls want to see a strong push above, reclaiming that level as support.

But, the lower time frames are finding this mark as resistance and the demand seems not to be there.

If Bitcoin fails to maintain demand to push above the $10,300 mark, Bitcoin will likely see a retest to $10,000, and, if that does not hold, we next see a move to $9,500.

The Weekly

BTC has failed at least 4X in the last 8 weeks to close (Sunday last attempt) above $12,000. So, a weekly close above that mark is needed to confirm a complete Bullish revival.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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