- The bitcoin market over the last few days has been a series of grinding support/resistance tests that have brought us lower and lower toward our macro support at the $7,700s.
- So far, the market’s macro structure is holding support, but we are currently on our way toward a fourth test of major support — if we break that level, the drop could be fairly aggressive.
- The downside price target for a break of support would have us testing the mid- to upper-$6,000s. However, if we manage to hold support, the immediate overhead level to conquer is the $8,200 level, as that has been a point of resistance over the last few weeks.
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.
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.Bitcoin Schmitcoin on Twitch.tvBitcoin Schmitcoin: YouTube