Bitcoin Price Analysis: Weeks of Consolidation Are Coming to a Head
Summary:
- 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 at the $10,300s. The bulls want to see a strong push above, reclaiming that level as support. However, the lower time frames are finding this level as resistance and the demand seems to be absent.
- If we fail to maintain demand to push above the $10,300 level, bitcoin will likely see a retest of the $10,000s and, if that doesn’t hold, we will surely see a visit to the $9,500 range.
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