Friday, May 10, 2019
Bitcoin continues its parabolic rise.
Actual support/resistance: $6'100/$6'400
Bitcoin continues its parabolic rise. The total market captilazitation is approaching $200 billion, indicating that the increase in the price of bitcoin is not only driven by the flow from altcoins. In terms of resistance, the current level should still slow down the current rise. However, with the increase in volumes and renewed interest illustrated, for example, by google searches, it is likely that the $6'800-$7'000 region is relatively close. The technical indicators are bullish. On the weekly chart, the RSI is approaching an overbought zone that has not been observed since December 2017.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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