Bitcoin Price Analysis: Bearish Market Structure Breaks with a Single 20% Move

Bitcoin Price Analysis: Bearish Market Structure Breaks with a Single 20% Move | Bitcoin Magazine

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Bitcoin Price Analysis: Bearish Market Structure Breaks with a Single 20% Move

by Bitcoin Schmitcoin
Bitcoin Price Analysis: Bearish Market Structure Breaks with a Single 20% Move 1
Bitcoin Price Analysis: Bearish Market Structure Breaks with a Single 20% Move

Introducing our first video price analysis by Bitcoin Schmitcoin.

[youtube https://www.youtube.com/watch?v=gEm55GShKI4?feature=oembed&w=480&h=270]

Summary:

  1. Bitcoin broke out of a massive consolidation pattern known as an “Adam and Eve” double bottom. The breakout was fueled by short liquidations that stacked up around the $4,000 level over the last 4–5 months.
  2. The measured move for the breakout has us testing several resistance levels and ultimately has a price target of around $5,300.
  3. We have managed to break the immediate bearish market structure and are attempting to break the macro bearish market structure. At the moment we are testing a break of the descending trendline as we also approach the monthly resistance level in the $4,800s.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This 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 and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

2019 BTC Inc.
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,566 0.06 % 1.19 % 2.76 %
Ethereum1,867.3 0.42 % 5.61 % 2.50 %
Tether0.9993 0.06 % 0.22 % 0.09 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB315.04 0.17 % 4.36 % 9.29 %
XRP0.3954 0.30 % 2.82 % 2.73 %
Binance USD1.000 0.19 % 0.40 % 0.16 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana45.13 1.08 % 7.39 % 9.31 %
Dogecoin0.07980 0.16 % 5.01 % 4.98 %

bitcoin
Bitcoin (BTC) $ 29,631.00
ethereum
Ethereum (ETH) $ 1,876.79
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 316.11
xrp
XRP (XRP) $ 0.397034
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.493907
solana
Solana (SOL) $ 45.85
dogecoin
Dogecoin (DOGE) $ 0.079791