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Bitcoin Price Analysis: Strong Impulse Tests Macro Support Levels

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Finally, after about a week or so of a tight, range-bound market, bitcoin poked right through support. This swift move dropped the price nearly 10% in the span of just a few short hours:

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Figure 1: BTC-USD, Hourly Candles, 11% Drop

Not only did this move occur on high spread, it occured on high volume. This level of supply and overall lack of demand is nothing something you would want to see if you are feeling bullish regarding bitcoin’s market structure. Currently, we are sitting right on top of daily support levels and have yet to close a new ...

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