Summary:
- The market is seeing a current rejection of the weekly level outlined in 2018’s bull market. The zone between $8,300 and $8,400 has a strong point of interest in the previous bear market and we are currently seeing high levels of supply surface as people take profit.
- If we fail to break the $8,400 level, we can expect to see a retest of $7,400 and potentially even a deeper dive into the $6,800s as this represents another macro, weekly level and has yet to see a very strong test of demand.
- The overall market structure is incredibly bullish on high time frames, but the immediate market structure on the four-hour and hourly candles could see some volatility as weaker hands get shaken from their positions.
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