Bitcoin Price Analysis: Macro Resistance Turned Support — Will it Hold?

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Summary:

  1. Bitcoin’s monthly and weekly close left an indeterminate market model as it closed above support at $8,200.
  2. The daily and intraday chart have the market sitting above a macro resistance level that is turned into support at $8,200.
  3. As long as the daily chart doesn’t close below the $8,200s, it seems most likely we will be revisiting the highs at $8,750. However, if we close below the support level, we will most likely be visiting the $7,700s shortly thereafter. Either way, we are currently bound within a zone of indecision and we will have to assess the market as it tests either the upper or lower boundary.

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.