Bitcoin Price Analysis: Consolidation Hints Toward Strong Breakout


Summary:

  1. Volatility is starting to die down in the current bitcoin range and volume is starting to hint toward a potential breakout.
  2. If the current level of support ($9,600) breaks, we can expect to see a retest of the $8,200s.
  3. The bullish reaction we want to see is a strong rally on high volume and a wide spread off of our current lows. If we see the rally, we will have to assess the market as it comes.  However, a failure to rally would likely have us grinding through support and see a strong breakdown of the market structure.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price 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. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Consolidation Hints Toward Strong Breakout appeared first on Bitcoin Magazine.



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