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Bitcoin Price Analysis: Deep Shakeout Rallies Off Strong Support

Summary:

  1. A deep test of support pushed the bitcoin market down $600 over the course of an hour. Ultimately, after testing weekly support, the market managed to retrace the entire drop and push a new high.
  2. At the moment, we are retesting macro support/resistance at $10,300 and if we can manage to close our weekly candle back above the support, it will be a strong bullish signal that we are likely in for a  continuation of our uptrend.

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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