- Last night, the bitcoin market saw a strong breakout get immediately rejected as selling pressure shoved the breakout down from $8,800 to $8,200s in a very short period of time.
- At the moment, the market is sitting on top of strong support and it hasnâ€™t broken just yet. If the bulls are going to muster up some confidence, we really want to see the market close above $8,380. If it doesnâ€™t, it will likely be revisiting macro support in the $8,000s.
- If the market revisits the $8,000s, we really donâ€™t want to see the daily candles close below that level because that will likely mean a strong continuation of our downtrend is in store.
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