Bitcoin Price Analysis: Strong Rally Tests Bearish Resolve


Summary:

  1. Following a low volume retest of macro support, bitcoin rallied almost $2,000 over the course of one week.
  2. 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.
  3. 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.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

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