Monday, May 6, 2019
Despite strong fluctuations during the weekend, bitcoin rests on the newly reached prices.
Actual support/resistance: $5'500/$5'700
After the impressive climb we witnessed last week, the prices have stabilised during a weekend with high fluctuations and a volume reducing during Sunday.
The MACD are converging again and a cross is imminent. The 14 days RSI crossed the 70 overbought line indicating a sell signal. As long as we keep going sideways the risks of getting back to a bearish market are very low.
The market dominance of Bitcoin keeps increasing even though the inflation of alt coins is not stopping. It is partially due to its superiority in the news, keeping a base of users not aware of the rest of the market.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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