Over the course of the last 10 days, bitcoin has managed to rally nearly 20% in value as it burst through two major resistance levels and is now beginning the test of a major macro level:
Figure 1: BTC-USD, Daily Candles, Macro Resistance
We can see a clear, descending supply-and-demand channel that governed the market for the last two months. Yesterday, the market broke north of the channel and it has since begun to march toward a major macro level (red dashed line). This level is very significant; A test of this level will make or break the current market structure. If we fail to break through and fail to close a new high, this could be a strong bearish signal that supply is still highly present in the market and needs to be shaken out before any meaningful upward progress is made.
