Bitcoin Price Analysis: Resistance Turned Support Enforces Bullish Continuation

Bitcoin Price Analysis: Resistance Turned Support Enforces Bullish Continuation | Bitcoin Magazine

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Bitcoin Price Analysis: Resistance Turned Support Enforces Bullish Continuation

by Bitcoin Schmitcoin
Bitcoin Price Analysis: Resistance Turned Support Enforces Bullish Continuation 1
Bitcoin Price Analysis: Resistance Turned Support Enforces Bullish Continuation

[youtube https://www.youtube.com/watch?v=axxkRpuA9p4?feature=oembed&w=480&h=270]

Summary:

  1. After breaking out of a macro reaccumulation range, the market saw a small pullback that led to a retest of prior resistance that is now being respected as support. The market was previously unable to close a daily level above $5,400 but so far after three tests, the market has established intraday support.
  2. The market structure remains bullish as we establish higher highs and higher lows. The next milestone for a bullish continuation is a daily close above the $5,600 level.
  3. Major resistance lies just overhead in the upper $5,000 to low $6,000 zone, but so far we have yet to see any major supply hit the market. The pullback thus far has been healthy and looks to be setting up the next leg upward.

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.
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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
Bitcoin51,030 0.26 % 4.26 % 11.79 %
Ethereum4,369.1 0.06 % 6.49 % 1.70 %
Binance Coin587.01 0.27 % 4.93 % 5.90 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana200.89 0.24 % 7.55 % 1.69 %
Cardano1.450 0.20 % 8.39 % 9.78 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
XRP0.8318 0.60 % 5.12 % 16.10 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Terra69.11 0.19 % 6.39 % 33.99 %

bitcoin
Bitcoin (BTC) $ 50,991.00
ethereum
Ethereum (ETH) $ 4,353.40
binance-coin
Binance Coin (BNB) $ 587.17
tether
Tether (USDT) $ 0.999866
solana
Solana (SOL) $ 198.96
cardano
Cardano (ADA) $ 1.44
usd-coin
USD Coin (USDC) $ 0.99902
xrp
XRP (XRP) $ 0.831162
polkadot
Polkadot (DOT) $ 28.53
terra-luna
Terra (LUNA) $ 69.38