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Bitcoin Price Analysis: Selling Pressure Leaves Macro Level Untested

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Summary:

  1. The bullish market structure that we have established over the last couple of weeks remains intact, despite the strong round of selling that the bitcoin market saw a couple of days ago.
  2. The weekly 50 exponential moving average (EMA) is currently in the process of being tested but the market has been unable to close a weekly candle above it.
  3. The intraday levels have shown support following the round of selling.
  4. If the current levels do not hold, we can expect to see a test of the $4,700s as we haven’t tested its support following our strong breakout.

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 on 123Cryptocurrency 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.

Aerospace engineer turned crypto-market analyst. Bitcoin Schmitcoin became popular within the subculture of the Reddit communities and now posts his daily thoughts and market outlook via Twitter and his regular stream on Twitch.tv.

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