Bitcoin Price Analysis: Sideways Consolidation Paves the Way for Macro Uptrend

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Summary:

  1. Buying pressure continues as the bitcoin market holds above the macro, bearish trendline and the monthly resistance level.
  2. There was a small amount of selling pressure but it was absorbed by eager bulls. The selling pressure seems to be profit taking as we continue to establish a low time frame uptrend of higher lows and higher highs.
  3. On a macro scale, we are sitting in between support and resistance levels and it seems very likely we will continue upward until we encounter the $5,500 toto $5,800 zone.

Trading and investing 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. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

This article originally appeared on Bitcoin Magazine.


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