Bitcoin Price Analysis: Bitcoin Makes Higher Low on Weekly Support Test
- Although the bitcoin price saw a strong pullback, it is still maintaining a bullish market bias with its higher lows, higher highs and respect of weekly support.
- We are currently in the process of testing out just how strong the weekly support is and, if we can manage to hold support and absorb the imposing supply, the market is in store for a continuation of the uptrend. The weekly level seems to be the make-or-break point for our market structure and so far things are looking really bullish.
- If we fail to hold support, next macro level to keep an eye out for is the $8,750 level. This level is one of our only support levels established on our rally over the last few months and it will likely be a point of interest in the event of a ride to the downside.
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