Summary:
- Following a large drop, the bitcoin market saw a bullish retest of a known support/resistance level. The $10,800 level has been a major pivot point for our market structure and, if we can manage to reclaim it as support, it would be a huge sign of strength in the market.
- However, if we fail to find support we are likely heading first for the $10,600 level followed by the $10,200 level.
- The market is situated on strong support but so far the bulls have yet to step in. Although the 4 hour is currently showing a potential reversal signal, we need to wait for the next 4 hour close to see whether we are likely in for a downward continuation, or a bullish reversal to our intraday downswing.
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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