- The bitcoin market has seen several tests of its $9,000 support and a failure to rally above the weekly resistance zone at $9,250.
- If the market breaks support, the next logical level to test is at the $8,700s. The $8,700 level is a logical retest point as it represents the prior trading range that led to our massive breakout last week.
- A tepid, neutral monthly close has us looking toward the weekly candles for guidance. For a bullish continuation of our uptrend, we want to see the weekly candle close above the overhanging resistance at $9,250.
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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