Monday, April 15, 2019
After being traded sideways for several days, the price broke the resistance at $5'100 last night.
Actual support/resistance: $5'100/$5'200
After being traded sideways for several days, the price broke the resistance at $5'100 last night. Last week's movements were relatively bearish and it was critical to have a new bullish momentum or a consolidation at $5'000 to avoid falling back into a bear market. The $5'200 were even briefly tested last night but, based on the current history, this level appears to be a very important resistance. If the price can break this level, we can expect a strong bullish momentum in the coming days. On the contrary, the current support is relatively weak. Without buying pressure, this level is unlikely to be sustainable in the long term.
Most indicators are bullish but the MACD lines show a trend reversal. In addition, volumes fell by more than 70% compared to last week.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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