Bitcoin price technical analysis
After seeing a rally to the $11,000s, bitcoin has managed to pull back to the $9,000 range and has left many bullish investors confused. The initial bullish rally seemed promising as it broke the macro.
The volume was increasing and the price was pushing full steam ahead. However, after a few days of strong bullish movement, the price took a sharp turn downward and broke the governing channel that outlined the bullish rally from the 6,000$.
As noted in the previous BTC-USD market analysis, there was a possible distribution trading range under way, and I mentioned that a breakout above the TR was likely. However, if the market managed to break out and return back inside the TR , that would possibly mark the beginning of a sustained move downward.
If we manage to push new lows, I expect to find support in the low $9,000s as this marked the breakout of the current, failed rally. From there we will have to reassess the market conditions, but for now, I have very little confidence in a bullish continuation.
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For future viewers: price of bitcoin at the moment of posting is 7683.40USD
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