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Bitcoin Price Analysis: Macro Level Breaks as Bearish Continuation Ensues

The currently monthly bitcoin price level is below support and could potentially see lows as far down as $6,400.
Bitcoin Price Down

Bitcoin Price Down

Summary:

  1. 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.
  2. 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.
  3. 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.

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.