Bitcoin Price Analysis: Strong Sell-off Finds Macro Support
Summary:
- After perfectly tagging its monthly level at $13,000, bitcoin price saw a strong rejection that sent the market dropping 20% in just a few hours.
- The bitcoin market so far has found very nice support on a macro monthly level at $10,300 and also reclaimed a major weekly level at $11,400 – $11,700. The market is still feeling out this latest bounce but so far it seems clear for a ride up to retest $12,800.
- If we fail to rally, we really want to see the weekly band of prices hold support. If that support fails, our last line of defense is our monthly level at $10,300. Once that breaks we could see a strong continuation of the local downtrend and would expect to see support kick in around $9,200 – $9,600.
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