Bitcoin - Where Is Price Discovery Uptrend 2?

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The Post-Breakout Retest Continues

For the past few weeks, Bitcoin has been trying to successfully confirm a breakout from the Re-Accumulation Range to fully confirm a transition into Price Discovery Uptrend 2.

In fact, this is the fourth week of retesting for price and though it has been successful in the sense of price stability and maintaining of the Range High resistance of $104500 (red), price has struggled to lift-off into trend continuation into Price Discovery Uptrend 2.

What's interesting is that if we turn to all the ranges in the cycle and monitor all the previous breakouts, each breakout occurred on a strong and single candle-bodied breakout, without any pullbacks, without any post-breakout retests.

Which is why this current range breakout is very different to the previous range breakouts.

Nonetheless, technically - the retest is still in progress.

So that then raises the question - is Bitcoin is in Price Discovery Uptrend 2?

If price is in the process of trying to confirm Price Discovery Uptrend 2, then BTC is in this transitional phase of having broken out (technically speaking) but not fully confirmed that breakout.

It's a transitional phase of post-technical breakout, but pre-confirmed trend continuation.

Bitcoin needs to successfully hold $104500 and springboard into trend continuation to fully confirm the transition into Price Discovery Uptrend 2.

Key Weekly Levels

Last week we spoke about key Weekly levels:

And here's today's update:

Those Weekly levels continue to hold but continue to be retested as price seeks to confirm stability here.

Effectively, price is trying to turn these old Weekly resistances (red) into new Weekly supports (green) and it's been successful thus far, but without any springboarding into the next uptrend.

Price-strength confirmation here will be crucial but it's also worth understanding possibilities for any potential downside wicking below this area of current support: