Bitcoin Price Analysis: Bullish Market Structure Reclaims Strong Support
Summary:
- Bitcoin has reclaimed a major support level after testing it for the third time. This level is an important level for our bullish market structure. The three tests of this region occurred on decreasing volume with each test and show signs of bearish exhaustion in their attempts to break the support.
- We are still finding resistance on the immediate overhead weekly level. For confidence in a strong continuation of our macro uptrend, we would need to show dominance of this level and control over the supply. What we don’t want to see is strong selling pressure reacting to this level and a failure to rally.
- A failure to rally will most likely have us shoving to our next weekly support level at $6,800 levels.
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