Historically, these values haven’t proven to be a significant market value, so I would not at all be surprised to see a test of the 38% values sometime soon. Summary: Bitcoin broke below the $7,000 support level and ultimately completed a Wyckoff Distribution phase what is the market price of bitcoin. Figure 3: BTC-USD, 2-Hour Candles, Fibonacci Retracement Set As predicted in the previous bitcoin analysis, we are currently finding support along the 23% Fibonacci Retracement values in the lower $6,500s. com Composite Price Index Unlike stocks, bitcoin markets never close. Price Analyst/Writer Aerospace engineer turned crypto-market analyst. Bitcoin has since broken the $7,000 support level. This analysis is for informational purposes and should not be considered investment advice. Figure 2: BTC-USD, 1-Day Candles, Macro Parabolic Trend Figure 2 shows the rejection of the linear ascending resistance line (shown in pink). It then took an immediate $500–$600 move downward and has, thus far, shown little interest in bouncing upward.
This trendline has historically proven to be a point of reversal and, at the time of the article, is rejecting the trendline for the fourth time. Across the globe, people create buy and sell orders based on their individual valuations of bitcoin, leading to global, real-time price discovery what is the market price of bitcoin. While Bitcoin s price history is not without major bubbles, volatilty overall has been trending downward. If we follow the correction trend, we can expect an ultimate test of the lower parabolic curve that has proven to be support over the course of the last two years. Figure 3 shows a lot of market activity and a well-established baseline of support in the 38% values. Bitcoin Schmitcoin became popular within the subculture of the Reddit communities and now posts his daily thoughts and market outlook via Twitter and his regular stream on Twitch. The LPSY represents the final, overwhelming abundance of supply in the market. We are currently finding support on the 23% retracement values, but ultimately the stronger support will be found on the 38% values in the $5,800s. If the 23% values break and don’t hold support, we can definitely expect strong support in the 38% values that will require multiple tests if it tries to break the 38% support.