Bitcoin Price Analysis: Major Shakeout Springs Strong Rally

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Summary:

  1. Following a strong shakeout, bitcoin saw a confident round of buying yesterday and the market gained around 10 percent in one 15-minute candle.
  2. The rally following the shakeout came about on high spread and high volume — exactly what we wanted to see as this represented a reclaiming of our market’s macro trading range and a display of exhausted sellers.
  3. If we can reclaim the $11,000 level and hold support, I expect to see a strong continuation of the uptrend and possibly a retest of the $13,000s.
  4. However, a failure to rally would likely mean we will be revisiting our next level of support in the mid $8,0000s.

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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