Bitcoin Schmitcoin

The bitcoin market rallied to $9,400 and the overall market structure is very bullish. But if demand fails to break through overhanging support, we could retest the $8,500 to $8,600 zone.

The bitcoin market broke north of its range, but there is a strong chance this breakout could reverse if this level doesn't become support.

Bitcoin's price has reclaimed a major support level after testing it for the third time.

If BTC breaks the $8,000s and reclaims support, that would mark a very bullish victory. If it fails, it might find a support level at $6,700.

Although we saw a strong sell off yesterday, the bullish market structure has yet to be violated. We are currently failing to hold support in the $8,500s for our intraday market structure. If the $8,100 level fails, it is entirely possible that we will be visiting the mid $6,000s before buying pressure picks up to push the price. However, if we can sustain support on our weekly $8,100 level, we could ultimately see a test of our monthly and weekly resistance in the low $9,000 level.

Bitcoin is currently perched between a well-defined band of prices outlined on both the weekly and monthly timeframes. If we can maintain support on our weekly $8,200 level, we can expect to see the market push to test the upper boundaries of the resistance in the $9,200 to $9,500 range. However, if support does not hold and we manage to fall through, we can expect to see a much deeper test and potentially revisit the $6,400 to $6,800 range.

The bitcoin market is seeing some pullback as the monthly and weekly resistance level has proven to be a tough level to crack. If we fail to reclaim the $7,800s, we can expect to see a retest of the $7,300s and if that level doesn’t hold, we will very likely see a test of the low $6,000s.

We're currently seeing a rejection on a macro resistance level which could see us pushing down into the $6,600s.

The bitcoin market has gone parabolic as we blasted off through two major weekly levels. We are currently testing the $8,000 level and we might see a strong round of selling hit the market that could potentially pull us down to retest the mid-$6,000s. If we manage to crack the overhanging resistance and find support, we can expect to see further price growth.

Bitcoin’s strong uptrend resumes as, once again, the market has claimed new highs in the $5,900 zone.