Bitcoin bulls fell $515 short of their $80,000 target after BTC (BTC) topped out at $79,485 on Monday, but a potential upside is that the brief pullback provides a necessary retest of key underlying levels.
In technical analysis, a break of structure is generally followed by a support-resistance retest as swing traders take profits at preset levels that align with metrics such as the Fibonacci retracement, exponential moving averages, Bollinger Bands, order book structure, and more. The support-resistance flip is also a feature traders look for to confirm that a longer-term resistance (in this case) has turned into support. When confirmed, it gives some traders the confidence to open new positions at the S/R level as they believe the break of structure and retest marks either the…
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Source cointelegraph.com
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