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Bitcoin Price Analysis: Market Is Set for Deeper Tests

Bitcoin Price Analysis: Market Is Set for Deeper Tests

Bitcoin Price Is Up

Summary:

  1. The bitcoin market has seen several tests of its $9,000 support and a failure to rally above the weekly resistance zone at $9,250.
  2. If the market breaks support, the next logical level to test is at the $8,700s. The $8,700 level is a logical retest point as it represents the prior trading range that led to our massive breakout last week.
  3. A tepid, neutral monthly close has us looking toward the weekly candles for guidance.  For a bullish continuation of our uptrend, we want to see the weekly candle close above the overhanging resistance at $9,250.

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.