We anticipated a sharp retreat if Bitcoin tripped under $11,000. This is exactly what happened during the 3/7 global session.
BTC/USD 4H Chart
- The 4H chart shows that after breaking $11,000, price dipped to $9,400, basically around the previous support during the 2/25 session.
- Note that high volume on this dip.
- I would monitor the current rebound attempt.
- I would anticipate the possibility of resistance here. And if price does retreat, I would not rely on the $9300-$9400 support.
- A break below that opens up the $8000, and who knows, maybe even the $6000 level which BTCUSD tagged at the start of February.
- At this point, a break above $11,800 would be a very strong sign that Bitcoin has bottomed. But before that, we are probably going to deal with more consolidation around $10,000.