Monthly Macro Support Tested With Impulsive Move
- Shortly after seeing a retest of macro resistance at $10,750, the bitcoin market saw a strong pullback that has us testing a monthly supply level of $10,300. The support retest came about on strong volume and high spread, but is currently showing signs of support exactly where the bulls would want to see the market find support.
- If we can hold the $10,300 level, I expect to see a strong continuation of our uptrend and for the price to ultimately break new highs above $11,000.
- However, if we fail to hold support we will most likely be visiting the low $9,000s for the fifth time.
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