- After breaking out of a macro reaccumulation range, the market saw a small pullback that led to a retest of prior resistance that is now being respected as support. The market was previously unable to close a daily level above $5,400 but so far after three tests, the market has established intraday support.
- The market structure remains bullish as we establish higher highs and higher lows. The next milestone for a bullish continuation is a daily close above the $5,600 level.
- Major resistance lies just overhead in the upper $5,000 to low $6,000 zone, but so far we have yet to see any major supply hit the market. The pullback thus far has been healthy and looks to be setting up the next leg upward.
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This article originally appeared on Bitcoin Magazine.