strong-sell-off-finds-macro-support-bitcoin-price-analysis-2019

Bitcoin Price Analysis 2019: Strong Sell-off Finds Macro Support

SUMMARY:

  1. After perfectly tagging its monthly level at $13,000, bitcoin price saw a strong rejection that sent the market dropping 20% in just a few hours.
  2. The bitcoin market so far has found very nice support on a macro monthly level at $10,300 and also reclaimed a major weekly level at $11,400 – $11,700. The market is still feeling out this latest bounce but so far it seems clear for a ride up to retest $12,800.
  3. If we fail to rally, we really want to see the weekly band of prices hold support. If that support fails, our last line of defense is our monthly level at $10,300. Once that breaks we could see a strong continuation of the local downtrend and would expect to see support kick in around $9,200 – $9,600.

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.

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