Summary:
- This morning, October 23, 2019, a strong impulsive move to the downside broke bitcoin’s macro support level at $7,900. The level was tested five times and, upon the fifth test, it gave way leading to fresh new lows.
- At the moment, the market is situated between macro levels of support and resistance and is hinting toward a continuation down to the $6,700s.
- Our currently monthly level is below support and could potentially see lows as far down as $6,400. However, the move is fresh and we need to see how the market reacts to the impulsive move.
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