Bitcoin Price Analysis: Strong Selling With Weekly Level Getting Tested

Bitcoin Price Analysis: Strong Selling With Weekly Level Getting Tested | Bitcoin Magazine

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Bitcoin Price Analysis: Strong Selling With Weekly Level Getting Tested

by Bitcoin Schmitcoin
Bitcoin Price Analysis: Strong Selling With Weekly Level Getting Tested 1
Bitcoin Price Analysis: Strong Selling With Weekly Level Getting Tested

[youtube https://www.youtube.com/watch?v=rYn6LgidPvM?feature=oembed&w=480&h=270]

Summary:

  1. The market is seeing a current rejection of the weekly level outlined in 2018’s bull market. The zone between $8,300 and $8,400 has a strong point of interest in the previous bear market and we are currently seeing high levels of supply surface as people take profit.
  2. If we fail to break the $8,400 level, we can expect to see a retest of $7,400 and potentially even a deeper dive into the $6,800s as this represents another macro, weekly level and has yet to see a very strong test of demand.
  3. The overall market structure is incredibly bullish on high time frames, but the immediate market structure on the four-hour and hourly candles could see some volatility as weaker hands get shaken from their positions.

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
Bitcoin48,274 1.50 % 2.56 % 15.66 %
Ethereum4,048.3 1.01 % 4.00 % 5.64 %
Binance Coin553.85 2.27 % 4.55 % 9.42 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana184.15 1.72 % 8.30 % 8.14 %
Cardano1.320 0.96 % 5.44 % 17.36 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
XRP0.7772 0.72 % 7.71 % 19.61 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Terra64.33 0.43 % 13.49 % 28.73 %

bitcoin
Bitcoin (BTC) $ 47,754.00
ethereum
Ethereum (ETH) $ 3,996.16
binance-coin
Binance Coin (BNB) $ 551.09
tether
Tether (USDT) $ 0.98997
solana
Solana (SOL) $ 182.32
cardano
Cardano (ADA) $ 1.30
usd-coin
USD Coin (USDC) $ 0.990865
xrp
XRP (XRP) $ 0.77179
polkadot
Polkadot (DOT) $ 26.20
terra-luna
Terra (LUNA) $ 62.64