Bitcoin Price Analysis: Macro Resistance Turned Support — Will it Hold?
- Bitcoin’s monthly and weekly close left an indeterminate market model as it closed above support at $8,200.
- The daily and intraday chart have the market sitting above a macro resistance level that is turned into support at $8,200.
- As long as the daily chart doesn’t close below the $8,200s, it seems most likely we will be revisiting the highs at $8,750. However, if we close below the support level, we will most likely be visiting the $7,700s shortly thereafter. Either way, we are currently bound within a zone of indecision and we will have to assess the market as it tests either the upper or lower boundary.
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