BITCOIN ANALYSIS - WILL PRICE EXPLODE SOON?
SUMMARY
Over the past week since price testing the $8,600 and was rejected price has been very stagnant, consolidation within the range of $8,310 - $8,075 for the majority of the time since price rejected this area. Consolidation periods are very common in any financial markets after aggressive moves in price, be sure to watch for any signs off a breakout of this region.
The daily timeframe clearly highlights the uncertainty of which direction price will head in next. Price has rejected support and resistance levels numerous times this week, which could indicate we are getting closer to finally see a push in a specific direction outside of this range.
There has been a lot of positive fundamental aspect supporting the crypto currency market as of late, fundamentals can play a major role in which direction price will head in the long run as Crypto looks to be adopted by society. I believe Crypto will soon be adopted by a lot more major companies and businesses and more people place faith within the technology.
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