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Summary:
- A strong round of selling has the bitcoin market testing daily, weekly and monthly support for the fourth time in over two months.
- Currently the support in the $9,400s is holding, but should it give way, we can expect to see a test of $8,700 to $8,200 range. This zone represents an untested weekly zone of support.
- If the market manages to rally, there is a strong level of resistance at $10,000. Although the market is looking anemic currently, should the demand surface that pushes us through $10,000 a major band of resistance lies at $10,700.
- Because this is our fourth test of this macro support, it is unlikely to hold. The monthly candle closes in a couple of days and will likely bring about violent volatility.
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.
The post Bitcoin Price Analysis: Macro Support Gives Way Under Anemic Demand appeared first on Bitcoin Magazine.
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