Bitcoin Price Analysis: Breakout Gets Rejected as Supply Drowns Bulls

Summary:

  1. Last night, the bitcoin market saw a strong breakout get immediately rejected as selling pressure shoved the breakout down from $8,800 to $8,200s in a very short period of time.
  2. At the moment, the market is sitting on top of strong support and it hasn’t broken just yet.  If the bulls are going to muster up some confidence, we really want to see the market close above $8,380. If it doesn’t, it will likely be revisiting macro support in the $8,000s.
  3. If the market revisits the $8,000s, we really don’t want to see the daily candles close below that level because that will likely mean a strong continuation of our downtrend is in store.

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