Summary:
- Following a large drop, the bitcoin market saw a bullish retest of a known support/resistance level. The $10,800 level has been a major pivot point for our market structure and, if we can manage to reclaim it as support, it would be a huge sign of strength in the market.
- However, if we fail to find support we are likely heading first for the $10,600 level followed by the $10,200 level.
- The market is situated on strong support but so far the bulls have yet to step in. Although the 4 hour is currently showing a potential reversal signal, we need to wait for the next 4 hour close to see whether we are likely in for a downward continuation, or a bullish reversal to our intraday downswing.
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