Bitcoin has been trading quietly in a wide sideways range between $34,000 and $44,000, rotating from its highs to its lows resulting in contracting price action. Effectively establishing its key resistance level at $45.000 and an upwards sloping trendline, printing an ascending triangle pattern.
More locally we have seen Bitcoin reclaiming resistance after resistance and backtesting this as support, confirming the strong sentiment on the asks. Eventually this has resulted in a strong and steady rise in price, establishing a bullish market structure in its latest rotation with each decline trading into a higher low.
Having never lost its structure, and instead maintaining it while Bitcoin traded its way into the $45.000 key resistance provided its latest clue of more upside to come.
Currently Bitcoin is consolidating at yet another keylevel at $47.000, which is a place of volume accumulation during Bitcoins strong downtrend we have seen over the past few months. If Bitcoin manages to reclaim this level then this would pave the way for further upside into the upper ends of the $50k bracket. If Bitcoin rejects this region, then we could be looking for the old resistance level at $45,000 to be tested again.
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