Bitcoin Price Analysis: Strong Sell-off Finds Macro Support

Bitcoin Price Analysis: Strong Sell-off Finds Macro Support 1

[youtube https://www.youtube.com/watch?v=Nu6Ww-lDpSg?enablejsapi=1&origin=https%3A%2F%2Fbitcoinmagazine.com&widgetid=1&w=640&h=360]

Summary:

  1. After perfectly tagging its monthly level at $13,000, bitcoin price saw a strong rejection that sent the market dropping 20% in just a few hours.
  2. The bitcoin market so far has found very nice support on a macro monthly level at $10,300 and also reclaimed a major weekly level at $11,400 – $11,700. The market is still feeling out this latest bounce but so far it seems clear for a ride up to retest $12,800.
  3. If we fail to rally, we really want to see the weekly band of prices hold support. If that support fails, our last line of defense is our monthly level at $10,300. Once that breaks we could see a strong continuation of the local downtrend and would expect to see support kick in around $9,200 – $9,600.

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.

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
Bitcoin23,098 0.26 % 3.44 % 1.01 %
Ethereum1,676.5 0.99 % 5.12 % 2.47 %
Tether1.002 0.01 % 0.25 % 0.03 %
USD Coin1.000 0.21 % 0.00 % 0.07 %
BNB316.85 0.01 % 2.39 % 11.53 %
Binance USD1.002 0.05 % 0.17 % 0.10 %
XRP0.3604 2.05 % 4.82 % 5.03 %
Cardano0.5069 0.25 % 4.96 % 1.29 %
Solana42.12 0.56 % 2.22 % 3.81 %
Polkadot8.730 0.46 % 4.56 % 6.65 %

bitcoin
Bitcoin (BTC) $ 23,137.00
ethereum
Ethereum (ETH) $ 1,687.83
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 316.94
xrp
XRP (XRP) $ 0.370443
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.509022
solana
Solana (SOL) $ 40.31
polkadot
Polkadot (DOT) $ 8.75