Bitcoin Price Analysis: Bullish Market Structure Upheld Following Strong Sell Off

Bitcoin Price Analysis: Bullish Market Structure Upheld Following… | Bitcoin Magazine

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Bitcoin Price Analysis: Bullish Market Structure Upheld Following Strong Sell Off

by Bitcoin Schmitcoin
Bitcoin Price Analysis: Bullish Market Structure Upheld Following Strong Sell Off 1
Bitcoin Price Analysis: Bullish Market Structure Upheld Following Strong Sell Off

[youtube https://www.youtube.com/watch?v=8tqPqHgZV4A?feature=oembed&w=480&h=270]

Summary:

  1. Although we saw a strong sell off yesterday, the bullish market structure has yet to be violated. The weekly support has been confirmed for the time being and our parabolic advance is still intact.
  2. We are currently failing to hold support in the $8,500s for our intraday market structure. As we test the failed support we have yet to confirm if it has new found resistance. If we fail to regain the level we can expect to see an intraday retest of our weekly support level in the $8,100s.
  3. If the $8,100 level fails, it is entirely possible that we will be visiting the mid $6,000s before buying pressure picks up to push the price. However, if we can sustain support on our weekly $8,100 level, we could ultimately see a test of our monthly and weekly resistance in the low $9,000 level before any meaningful, macro correction takes place.

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 onBitcoin 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
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Solana42.12 0.56 % 2.22 % 3.81 %
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