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.
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.
PREDICT BITCOIN
