Bitcoin Bouncing Off Support and Resistance Levels

Bitcoin has had quite the move the past 48 hours spiking as high as 10,500 before pulling back.

Closing Price and Early Price Action Says A Lot

I'm currently away from home renovating a property so have not had the availability to make some trades on this awesome price action.

There was some predictable price action after we saw price go vertical for a while we got what I like to call a blow off top. Yesterday's candle closed around 9,400 which represents the old support and usually acts as a new resistance.

Interesting how bitcoin gave back a thousand points to close below that level and now this new daily candle popped up a little to test it and is now pushing lower.

I would not be surprised if we see price come lower and even test the 8500 area. Of course if price pushes higher on this candle and closes above 9,400 that changes everything, but technically what we have is a failed breakout on the daily chart as of this post.

If we do see a pullback to the 8500 area I will likely look to buy more.