Bitcoin Price Analysis: Bullish Market Structure Tests Weekly Support
Summary:
- Following a strong rally earlier in the week, the bitcoin market is experiencing a retest of a solid, broken resistance level and is currently finding it as support.
- So far, the market structure remains very bullish as long as we hold our current support zone between $11,450 and $11,800. Our daily structure has us testing the level from the top side for the first time in weeks and the bulls seem interested in holding this level.
- If our zone fails to hold support, I expect a strong continuation of the downtrend that will likely have us retesting the strength of the $10,000 region.
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