Bitcoin Price Market Analysis Week 29
Bitcoin Price Market Analysis for Week 29
Here we look at the Bitcoin Price Market Analysis for this week.
As well as detailed chart and technical analysis, we dive into some of the Macro trends influencing the markets.
Bitcoin Price Market Technical Indicators
Our technical analysis involves analysing support and resistance, channels and candlesticks. For a detailed education on how this sort of analysis works, see our Bitcoin Trading School.
We do an analysis like this weekly for our traders.
It is a resource focused on assisting short term traders, using Bitcoin and related digital assets as speculative currencies. So, time frames for trades are short. Typically they are no longer than one week.
There has been a dramatic increase in the number of traders holding long positions, over the last week.
This is a trend to watch over the next 24-hrs. Any price decrease now could cause a cascading effect of increased selling pressure, and sales.
This would occur as anyone in a long position tried to get out, to minimise their losses. This would further exacerbate the downward pressure on price.
Bitcoin Price Market Macro Factors
Most of the big news of late has been around altcoins, and private blockchains. Bitcoin news has been scarce.
Since the recent Bitcoin halving event the price has essentially been trading sideways. So, a breakout on the upside OR the downside, would be indicative of a trading opportunity.
Bitcoin Price Market Opportunities
On the upside, if the price breaks, we can target ZAR 10,360 – 10,720. If the price moves to the downside, look for a move down to ZAR 8,570.
The longer term trend is bullish, as we have written about extensively. In the short term there is strong potential for a dramatic downward price swing.