16.2 C
7 October 2022
Image default

Bitcoin Price Analysis: Reaccumulation Breakout Hints at Bullish Continuation


  1. Bitcoin clearly broke upward out of reaccumulation trading that had spent three weeks consolidating sideways.
  2. The market has begun to drift into a zone of supply between the $5,700 and $6,000 levels. There are a lot of underwater positions that are looking to break even, so it seems likely that we will start to encounter sellers looking to get out of the market.
  3. The daily Bollinger Bands consolidated tightly and have begun to expand — indicating that a macro bullish continuation is likely.

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

Related posts

New Cryptojacking Campaign Infects Asia Using More Profitable Tactics


Cardano Founder Calls Crypto Book ‘Work of Fiction,’ Author Claps Back


Ethereum Slides 14% In 24 Hours, Bear Div Hints At Deeper Drop Ahead