Bitcoin sits precariously perched at the bottom of the annual market low and many bitcoin investors aren’t sure what to make of it. Although the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering while the market continues to consolidate:
Figure 1: BTC-USD, Daily Candles, New Market Low
On Friday, June 29, 2018, for the first time this year, the daily candles closed below the annual low of $ 6,000s. However, something to note about this bearish close is the lack of volume and lack of momentum on the follow through. Overall, the volume is continuing to consolidate and it appears to be within the realm of an accumulation trading range (TR).