Summary:
- Despite some strong, intraday selling, bitcoin’s macro-bullish market structure remains intact. So far, we have seen a test of two daily levels and have clearly established support. At the moment, the bitcoin market is working on testing a third level, but is currently feeling out the strength of the supply and demand.
- We have yet to see a strong test of the overhanging liquidity zone in the $5,700 to $6,000 range so, it seems logical to see a test of that region before any meaningful, macro pullback takes place.
- So far, we have been content to bounce within the intraday price levels, but a key price to watch is the $5,250 level. That is the daily level we are currently testing and a test that establishes regained support would be a nice sign of strength within our current market structure.
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