Bitcoin Price Analysis: Macro Support Gives Way Under Anemic Demand
Summary:
- A strong round of selling has the bitcoin market testing daily, weekly and monthly support for the fourth time in over two months.
- Currently the support in the $9,400s is holding, but should it give way, we can expect to see a test of $8,700 to $8,200 range. This zone represents an untested weekly zone of support.
- If the market manages to rally, there is a strong level of resistance at $10,000. Although the market is looking anemic currently, should the demand surface that pushes us through $10,000 a major band of resistance lies at $10,700.
- Because this is our fourth test of this macro support, it is unlikely to hold. The monthly candle closes in a couple of days and will likely bring about violent volatility.
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