Thursday, May 9, 2019
Bitcoin began to tackle the mega resistance present between $6'000 and $7'000 dollars by successfully climbing above $6'000.
Actual support/resistance: $6'000/$6'100
Bitcoin began to tackle the mega resistance present between $6'000 and $7'000 dollars by successfully climbing above $6'000. The total market capitalisation remained stable while the dominance of bitcoin increased significantly (57%). This indicates that money has mainly flowed from altcoins to bitcoin in recent days. With the increase in volumes and the psychological level of $6,000 reached, it is likely that buying pressure will intensify. However, given the importance of resistance, it is likely that pull-backs will be observed. In terms of technical indicators, the RSI is overbought in the short term and the MACD lines are diverging.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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