BITCOIN ANALYSIS - SELL OFF OR RETEST OF $8,500?

SUMMARY

After price was rejected at $8,500 two days ago, it has since struggled to determine which direction it will head next. There has been lots of speculation for downside and upside potential but neither have yet been confirmed. With the amount of speculation of the bull run activated, a large amount of money has been since invested into Bitcoin, being the most likely reason price has been able to hold fairly steady and reject a sell off or a major push higher.

On the 4hr chart it is obvious of a base that formed at $8,100 where price has previously found support/resistance which allowed price to bounce steadily back to $8,270. This small base and steady bullish movement away from this area could be enough to result in a retest of $8,500.

The daily chart shows the clear rejection price saw at $8,500, aswell as the current indecision within the market. If price can close above the $8,100 base, which i believe it will, we could see a retest of the $8,500 in the coming days.