Bitcoin Price Analysis: Grinding Market Slowly Drives Through Support

2019-10-19 00:36

The bitcoin market over the last few days has been a series of grinding support/resistance tests that have brought us lower and lower toward our macro support at the $7,700s.So far, the market’s macro structure is holding support, but we are currently on our way toward a fourth test of major support — if we break that level, the drop could be fairly aggressive.The downside price target for a break of support would have us testing the mid- to upper-$6,000s. However, if we manage to hold support, the immediate overhead level to conquer is the $8,200 level, as that has been a point of resistance over the last few weeks.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

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Bitcoin Price Analysis: Major Support Broken on Expanding Volume and Spread

After weeks of consolidation, bitcoin finally broke through support. The market now finds itself cruising toward prior lows. On expanding volume and spread, the bitcoin market appears ripe for a continuation of the downtrend:Figure 1: BTC-USD, Daily Candles, Broken SupportAlthough the current daily candle has yet to close, unless there is a strong influx of demand hitting the market, it stands to reason that bitcoin will be closing a new daily low for the first time since mid-December.

2019-1-29 02:01