Bitcoin Price Analysis: Macro Level Breaks as Bearish Continuation Ensues

Summary:

1. This morning, October 23, 2019, a strong impulsive move to the downside broke bitcoin’s macro support level at $7,900. The level was tested five times and, upon the fifth test, it gave way leading to fresh new lows.
2. At the moment, the market is situated between macro levels of support and resistance and is hinting toward a continuation down to the $6,700s.
3. Our currently monthly level is below support and could potentially see lows as far down as $6,400. However, the move is fresh and we need to see how the market reacts to the impulsive move.

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