Summary:
- Bitcoin continues to consolidate above its prior range high in the $9,000 to $9,100 range.
- The market has failed to find any meaningful support above our monthly resistance around the $9,250s. Every attempt to push the market above the $9,250 limit has resulted in supply surfacing and a rejection of the level.
- If the market finds support at our current level, that means the supply that is surfacing form the $9,250s is being absorbed and we are likely in for a ride to the $9,500s. However, if we fail to hold support, I’m expecting a strong round of accelerating selling that would have us testing the $8,200s.
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