Bitcoin Price Analysis: Consolidation Hints Toward Strong Breakout
Summary:
- Volatility is starting to die down in the current bitcoin range and volume is starting to hint toward a potential breakout.
- If the current level of support ($9,600) breaks, we can expect to see a retest of the $8,200s.
- The bullish reaction we want to see is a strong rally on high volume and a wide spread off of our current lows. If we see the rally, we will have to assess the market as it comes. However, a failure to rally would likely have us grinding through support and see a strong breakdown of the market structure.
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