Summary:
- After a week and a half of consolidation, the bitcoin market finally broke north of its range. However, the weekly resistance band has yet to be broken and, unless we clear this level and flip it as support, there is a very strong chance we will actually reverse this breakout with a strong move to the downside.
- A resistance flipped to support would be a very bullish statement. However, a failure to claim the current level as support could have the market visiting the weekly level of support in the $6,800s.
- If bitcoin doesn’t pop the current level and claim it as support, that will be a strong sign of macro weakness of demand and could have the market crawling to new lows.
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