Bitcoin Price Analysis: Strong Move Likely Following Tightly Coiled Market

January 26, 2019

 

Days and days of sideways consolidation and tightening volume has been the name of the game for the bitcoin market. A narrow range of $200 has caused a weeks worth of activity to coil and consolidate in preparation for bitcoin’s next move: The figure above shows just how narrow the range has been over the last week as the market has continued to grind out support and fail to break above overhanging resistance. The thick, blue line shows a prior support level that is now resistance. The lower highs and the lower lows are continuing to show signs of diminishing demand and continuing supply on the macro scale. However, if we look at lower time frames, we do see some signs of potential accumulation:

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