Bitcoin Price Analysis: Strong Selling With Weekly Level Getting Tested

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  1. The market is seeing a current rejection of the weekly level outlined in 2018’s bull market. The zone between $8,300 and $8,400 has a strong point of interest in the previous bear market and we are currently seeing high levels of supply surface as people take profit.
  2. If we fail to break the $8,400 level, we can expect to see a retest of $7,400 and potentially even a deeper dive into the $6,800s as this represents another macro, weekly level and has yet to see a very strong test of demand.
  3. The overall market structure is incredibly on high time frames, but the immediate market structure on the four-hour and hourly candles could see some as weaker hands get shaken from their positions.

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 onBitcoin Magazine and Inc sites do not necessarily reflect the opinion of 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.

This article originally appeared on Bitcoin Magazine.

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