Bitcoin Price Analysis: Major Shakeout Springs Strong Rally
- Following a strong shakeout, bitcoin saw a confident round of buying yesterday and the market gained around 10 percent in one 15-minute candle.
- 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.
- 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.
- However, a failure to rally would likely mean we will be revisiting our next level of support in the mid $8,0000s.
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