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Summary:

  1. The bitcoin market is seeing some pullback as the monthly and weekly resistance level has proven to be a tough level to crack. On the daily level we can see a couple of attempts to break the level, but ultimately this was matched with strong selling pressure.
  2. On bitcoin’s four-hour chart we can see that support that once held the market up is now turning into support with a failure to reclaim the level.
  3. If we fail to reclaim the $7,800s, we can expect to see a retest of the $7,300s and if that level doesn’t hold, we will very likely see a test of the low $6,000s.

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.

This article originally appeared on Bitcoin Magazine.

 

source: http://feedproxy.google.com/~r/BitcoinMagazine/~3/10AcEvGduCU/

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