Bitcoin Price Analysis: Higher Lows Test Bullish Resolve

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Summary:

  1. After a very strong round of selling that dropped the price almost $2,000 in just a couple of days, the market managed to find support at an important macro level.
  2. The support rally marked a third, higher high for our current market and it rallied on very high volume and spread.
  3. The market is currently situated between two strong levels and, until one of them gives way, it’s possible that we’ll see a strong bit of chop. If we manage to break the overhanging resistance the upside target lies around $11,200 to $11,300. However, if support breaks we are most likely looking at a retest of the $9,200 zone.

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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