- Bitcoin clearly broke upward out of reaccumulation trading that had spent three weeks consolidating sideways.
- 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.
- The daily Bollinger Bands consolidated tightly and have begun to expand — indicating that a macro bullish continuation is likely.
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This article originally appeared on Bitcoin Magazine.