Bitcoin Price Analysis: Selling Pressure Leaves Macro Level Untested

Summary:The bullish market structure that we have established over the last couple of weeks remains intact, despite the strong round of selling that the bitcoin market saw a couple of days ago.The weekly 50 exponential moving average (EMA) is currently in the process of being tested but the market has been unable to close a weekly candle above it.The intraday levels have shown support following the round of selling.If the current levels do not hold, we can expect to see a test of the $4,700s as we haven’t tested its support following our strong breakout.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 on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC 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.

Check Also

Following Wave of Shutdowns, Remaining Darknet Markets Fill the Void (Again)

“Major darknet markets come and go in eras,” I wrote back in April 2019, as several of the biggest online drug bazaars were shuttering. A wave of law enforcement actions followed shortly after. Wall Street Market and Valhalla, as well as coin mixing service and even darknet-focused news site DeepDotWeb were all shut down ...

Leave a Reply

Your email address will not be published. Required fields are marked *