Summary:
- Bitcoin’s strong uptrend resumes as, once again, the market has claimed new highs in the $5,900 zone.
- Our market structure remains bullish as we have consistently created higher highs and higher lows. Specifically, the market structure has progressed in a sort of stair-stepping fashion that has created multiple zones of support that have been tested several times on the 4-hour time frame.
- On a macro scale, we are in the process of beginning to test daily resistance, but we haven’t truly encountered the weekly resistance just yet. Weekly resistance lies at $6,150 — this is a level that will likely encounter a perfect storm of early bulls (individuals who bought in 2018 and might be looking to break even by selling their bitcoin) combined with profit-taking bulls who rode the trend from the $3,000s, as well as eager bears who are looking to open short positions.
- At the moment, the market is finding support on our current 4-hour level, but in the event we see a pullback, we can expect to see the stair-stepping support levels we created to stifle any impulsive moves to the downside.
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