Bitcoin Price Analysis: Macro Support Gives Way During Strong Sell Off

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Summary:

  1. Bitcoin’s long-held support at $9,750 gave way on September 24, 2019 in a swift and violent 15 percent move to the downside.
  2. At the moment, the market is testing a previously untested weekly level at $9,200 and is currently finding support.
  3. If the daily candle manages to close below this support level, we can expect to see a test of the $7,700s as this represents the next macro support level below our current range.
  4. If the bulls want to see a reversal, now is the time. We really want to see a daily close above $9,200 and, ideally, a weekly close above $9,200. If the weekly candle can close above $9,750 that would be a very, very bullish statement for the market.

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.