Monday, May 13, 2019
The parabolic rise was braked by a small drop.
Actual support/resistance: $7'000/7'500
This Sunday bitcoin gave back some of the exponential grow we have witnessed but stabilised very quickly. It surprised everybody by cutting the $6'500 resistance which was seemingly a strong barrier. Furthermore, the volume traded has not been that high since November. Parabolic movements followed by a massive drop have happened before in the history of Bitcoin, we might expect to have more drop following.
Regarding the indicators, both the RSI(14) and the MACD are in the positive, with the RSI spiking in the overbought and the MACD diverging.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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