Bitcoin Price Analysis: Bullish Breakout Tests Macro Resistance

June 13, 2019
90 Views

Summary:

  1. After a week and a half of consolidation, the bitcoin market finally broke north of its range. However, the weekly resistance band has yet to be broken and, unless we clear this level and flip it as support, there is a very strong chance we will actually reverse this breakout with a strong move to the downside.
  2. A resistance flipped to support would be a very bullish statement. However, a failure to claim the current level as support could have the market visiting the weekly level of support in the $6,800s.
  3. If bitcoin doesn’t pop the current level and claim it as support, that will be a strong sign of macro weakness of demand and could have the market crawling to new lows.

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.

The post Bitcoin Price Analysis: Bullish Breakout Tests Macro Resistance appeared first on Bitcoin Magazine.

You may be interested

World’s Biggest Bitcoin Cash Conference Kicks Off in Australia – What to Expect
Bitcoin
4 views
Bitcoin
4 views

World’s Biggest Bitcoin Cash Conference Kicks Off in Australia – What to Expect

btcethereumadmin - September 4, 2019

Arguably set to become the world’s biggest Bitcoin Cash conference yet, Bitcoin Cash City kicked off today in sunny Townsville,…

New Storm Concept Could Strengthen Bitcoin Cash Instant Transactions
Crypto News
7 views
Crypto News
7 views

New Storm Concept Could Strengthen Bitcoin Cash Instant Transactions

btcethereumadmin - September 4, 2019

Software developer Awemany has published a potential alternative approach to instant transactions on the Bitcoin Cash (BCH) network called “delta…

Why Portugal’s Tax-Free Crypto Trading Matters for Bitcoin
Bitcoin
4 views
Bitcoin
4 views

Why Portugal’s Tax-Free Crypto Trading Matters for Bitcoin

btcethereumadmin - September 4, 2019

Cryptocurrency enthusiasts and businesses in the industry have had to put up with regulatory uncertainty for quite some time. The…

Leave a Comment

Your email address will not be published.