Bitcoin Price Analysis: Bullish Market Structure Tests Weekly Support

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Summary:

  1. Following a strong rally earlier in the week, the bitcoin market is experiencing a retest of a solid, broken resistance level and is currently finding it as support.
  2. So far, the market structure remains very bullish as long as we hold our current support zone between $11,450 and $11,800. Our daily structure has us testing the level from the top side for the first time in weeks and the bulls seem interested in holding this level.
  3. If our zone fails to hold support, I expect a strong continuation of the downtrend that will likely have us retesting the strength of the $10,000 region.

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.

The post Bitcoin Price Analysis: Bullish Market Structure Tests Weekly Support appeared first on Bitcoin Magazine.

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