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Monthly Macro Support Tested With Impulsive Move

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Summary:

  1. Shortly after seeing a retest of macro resistance at $10,750, the bitcoin market saw a strong pullback that has us testing a monthly supply level of $10,300. The support retest came about on strong volume and high spread, but is currently showing signs of support exactly where the bulls would want to see the market find support.
  2. If we can hold the $10,300 level, I expect to see a strong continuation of our uptrend and for the price to ultimately break new highs above $11,000.
  3. However, if we fail to hold support we will most likely be visiting the low $9,000s for the fifth time.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

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