Bitcoin Price Analysis: Macro Support Gives Way During Strong Sell Off

Summary:

1. Bitcoin’s long-held support at $9,750 gave way on September 24, 2019 in a swift and violent 15 percent move to the downside.
2. At the moment, the market is testing a previously untested weekly level at $9,200 and is currently finding support.
3. If the daily candle manages to close below this support level, we can expect to see a test of the $7,700s as this represents the next macro support level below our current range.
4. If the bulls want to see a reversal, now is the time. We really want to see a daily close above $9,200 and, ideally, a weekly close above $9,200. If the weekly candle can close above $9,750 that would be a very, very bullish statement for the market.

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