Bitcoin - Absorption in Play

After the Shakeout at point 1, Bitcoin is showing signs of absorption. Higher lows at point 2, 3 and 4 on decreasing volume signature suggest that supply is exhausted.
We are now testing the top of the big capitulation bar at point [5] where supply has emerged in early September. Volume is still low (no evidence of supply) and the price action is constructive (higher closes, consistent demand). If supply does not emerge, the next logical price level to revit is 12K.

The current trading range 1-5 could be part of a much larger consolidation.

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