Bitcoin Price Analysis: Resistance Turned Support Enforces Bullish Continuation

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Bitcoin Price Analysis: Resistance Turned Support Enforces Bullish Continuation

by Bitcoin Schmitcoin
[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.
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
Bitcoin19,818 0.96 % 3.21 % 3.11 %
Ethereum1,339.4 0.97 % 3.75 % 0.32 %
Tether1.000 0.06 % 0.04 % 0.06 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB283.64 0.09 % 0.32 % 2.79 %
XRP0.4590 0.89 % 4.35 % 1.85 %
Binance USD1.000 0.15 % 0.14 % 0.18 %
--- --- --- ---
Solana42.12 0.56 % 2.22 % 3.81 %
Dogecoin0.06048 0.53 % 1.41 % 1.06 %

bitcoin
Bitcoin (BTC) $ 19,629.44
ethereum
Ethereum (ETH) $ 1,326.98
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 286.89
xrp
XRP (XRP) $ 0.455145
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.427303
solana
Solana (SOL) $ 33.09
dogecoin
Dogecoin (DOGE) $ 0.060145