Bitcoin continues to coil tightly within its range-bound market as the bulls and bears fight it out to see which is most dominant. On the lower time frames (TF), bitcoin is managing to find support:

Figure 1: BTC-USD, 2-Hour Candles, Low TF Support

The zone outlined by the green line in Figure 1 represents local support that has kept the market afloat for the last week and a half. Late last night, we saw another test of this support level has failed to break it thus far. On a macro level, we are in a kind of no-man’s-land, following the bounce off macro support in the mid $3,000s:

Figure_2 (15).png

Figure 2: BTC-USD, Daily Candles, Macro Support Respected

The blue zone outlined above shows the market respecting the support zone following the high volume rejection from the high established in the low $4,000s. Since we managed to establish support on the low TF and high TF market structures, it seems logical that the next move will be a test of supply in the red-dotted zone shown above. If we zoom out even further to the weekly candles, we can…

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