Bitcoin Price Analysis: Strong Rally Tests Bearish Resolve
Summary:
- Following a low volume retest of macro support, bitcoin rallied almost $2,000 over the course of one week.
- On the four-hour time frame, there is a bit of bullish exhaustion which could lead a healthy pullback. The market could stand to pull back all the way $11,150 and still remain in a bullish market structure. However, we really don’t want to see a close below $10,850. A pullback to that level would show a major weakness in the market and would likely lead to a breakdown.
- Given the state of the bullish rally over the last week, the upside target most likely has us heading for the $13,000 range to retest macro supply at our range highs.
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