Bitcoin - Preparing For Price Discovery

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The Post-Breakout Retest Is Successful

Over the past few weeks, we've been focusing on how Bitcoin has been performing a retest of the Range High of the ReAccumulation Range at $104400 for the past 4 weeks now:

Here's today's update:

Bitcoin has once again successfully retested the Range High as new support and is now entering its 5th week where this old point of rejection and resistance is figuring as a point of support and spring-boarding.

Last week, we also spoke about how Bitcoin was in a transitional phase where it is performing an extended post-breakout retest of the Range High as new support meanwhile not actually promoting much upside stemming from those retests.

For as long as this $104400 acts as support, price will be positioned for further upside and once the retesting phase has concluded, price will be able to finally move into Price Discovery Uptrend 2.

Key Weekly Levels

This past May, we spoke about key Weekly levels:

And last week price was indeed retesting this region:

Here's today's update:

Bitcoin has successfully retested this area, downside wicking deep into the green support area and even below it, grabbing necessary buy-side liquidity to fuel this recent U-shaped reversal to the upside.

As long as this curl up in price action persists, Bitcoin will face only one last major Weekly resistance $108980 (red) before challenging for Price Discovery once again:

Bitcoin has now entered its 5th week in a row where price is treating this green area as new support.