Summary:
- Bitcoin’s weekly close last night marked a failed, bearish effort to push the price to new lows but the weekly/monthly support outlined at $9,300 held really nicely.
- We are currently experiencing a market retest of the shakeout swing low occurring on low volume and low spread, and it is displaying signs of bearish exhaustion for the time being.
- If we manage to break support, we can expect to see a test of the low $8,000s. However, if we hold support, I would really like to see the market rally from the lows on high spread and high volume. If we manage to close our monthly candle above $10,000, it will be a very strong sign of bullish control on a macro time frame.
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