Author: Bitcoin Schmitcoin

Although we saw a strong sell off yesterday, the bullish market structure has yet to be violated. We are currently failing to hold support in the $8,500s for our intraday market structure. If the $8,100 level fails, it is entirely possible that we will be visiting the mid $6,000s before buying pressure picks up to push the price. However, if we can sustain support on our weekly $8,100 level, we could ultimately see a test of our monthly and weekly resistance in the low $9,000 level.

The post Bitcoin Price Analysis: Bullish Market Structure Upheld Following Strong Sell Off appeared first on Bitcoin Magazine.

Although we saw a strong sell off yesterday, the bullish market structure has yet to be violated. We are currently failing to hold support in the $8,500s for our intraday market structure. If the $8,100 level fails, it is entirely possible that we will be visiting the mid $6,000s before buying pressure picks up to push the price. However, if we can sustain support on our weekly $8,100 level, we could ultimately see a test of our monthly and weekly resistance in the low $9,000 level.

The post Bitcoin Price Analysis: Bullish Market Structure Upheld Following Strong Sell Off appeared first on Bitcoin Magazine.

Bitcoin is currently perched between a well-defined band of prices outlined on both the weekly and monthly timeframes. If we can maintain support on our weekly $8,200 level, we can expect to see the market push to test the upper boundaries of the resistance in the $9,200 to $9,500 range. However, if support does not hold and we manage to fall through, we can expect to see a much deeper test and potentially revisit the $6,400 to $6,800 range.

The post Bitcoin Price Analysis: Bitcoin Could See Continued Growth if Support Holds appeared first on Bitcoin Magazine.