Summary:

  1. Bitcoin’s daily, parabolic curve was violated earlier this week and broke through several macro levels on high volume and high spread.
  2. Last week’s candle closed a pretty large reversal candle called a “doji” and presented a stalemate between bitcoin bulls and bitcoin bears.
  3. The intraday volatility is quite aggressive and we are currently positioned between two strong, weekly levels. We have yet to retest our broken support at $8,000 so, if manage to hold support on our current four-hour level, it seems logical that we will be revisiting the $8,000s.
  4. If we break the $8,000s and reclaim support then that would mark a very bullish victory.  However, if we retest it and fail to break above/hold support, we can expect the market to seek out the next destination at our weekly support level below us at $6,700.

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