Bitcoin Price Analysis: Market Is Set for Deeper Tests

Summary:

  1. The bitcoin market has seen several tests of its $9,000 support and a failure to rally above the weekly resistance zone at $9,250.
  2. If the market breaks support, the next logical level to test is at the $8,700s. The $8,700 level is a logical retest point as it represents the prior trading range that led to our massive breakout last week.
  3. A tepid, neutral monthly close has us looking toward the weekly candles for guidance. For a bullish continuation of our uptrend, we want to see the weekly candle close above the overhanging resistance at $9,250.

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