By Bitcoin Schmitcoin

Copyedit by Ashley Lachance

Since mid-February, the bitcoin market has continued to drift upward toward a band of strong, macro resistance (shown below as a red band). This slow, drift upward marks our fourth test of the resistance zone and, unlike the three prior tests, our rejection of the level has shown a weakness on the side of the bears:

Figure 1: BTC-USD, Daily Candles, Fourth Rejection

If we compare the three prior rejections (labeled 1, 2 and 3), we see that the move into this resistance level was violent — and had equally violent rejections. Our fourth attempt, however, was brought into the level on low volatility and saw a weak rejection.

In addition, we are displaying our first sign of support above a crucial level in our market structure (outlined below in black):

Figure_2 (16).png

Figure 2: BTC-USD, Daily Candles, Current Rejection Finally Finding Support

This black, outlined level is significant level as it represents the first macro support/resistance flip at this level. This represents our first time…

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Source: https://thebitcoinnews.com/bitcoin-price-analysis-upward-drift-continues-following-established-macro-support/