Bitcoin Price Analysis: Consolidation at the Highs

The price action of bitcoin has been rather constructive over the past week as we see consolidation near the all time highs.

Last week we saw price poke through the prior top to create a new high, which I personally think was a great sign up the bull market still being in force considering what the explosive move we had already seen to that 58K area.

Digesting Gains....

Let's not look a the larger timeframe...

I say this tongue in cheek because the monthly chart is a site to see with 6 green candles in a row. Something that has only occurred one other time in the history of bitcoin.

Thus, I'm sticking to the daily chart so not to scare myself off of and liquidate everything!

What I do like is this sideways price action after the recent all time high that seems to be dancing right around that prior top of 58K.

This is rather bullish in the near-term. If price continues to hold this level before pushing up, well it does not get more bullish than that.

In the end though, as long as price remains above that 44,700 area the bears are not in control.

Target for any next big up leg is in the 80s, just my opinion. Not financial advice.

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