- After a very strong round of selling that dropped the price almost $2,000 in just a couple of days, the market managed to find support at an important macro level.
- The support rally marked a third, higher high for our current market and it rallied on very high volume and spread.
- The market is currently situated between two strong levels and, until one of them gives way, it’s possible that we’ll see a strong bit of chop. If we manage to break the overhanging resistance the upside target lies around $11,200 to $11,300. However, if support breaks we are most likely looking at a retest of the $9,200 zone.
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Aerospace engineer turned crypto-market analyst. Bitcoin Schmitcoin became popular within the subculture of the Reddit communities and now posts his daily thoughts and market outlook via Twitter and his regular stream on Twitch.tv.Bitcoin Schmitcoin on Twitch.tvBitcoin Schmitcoin: YouTube