Wednesday, May 15, 2019
The price of Bitcoin seems to stabilize around $8'000. Volumes traded stay very high.
Actual support/resistance: $7'600/$8'000
Bitcoin prices start going sideways around $8'000. As expected with that slowdown, we saw a follow up of the alt-coins especially with Ethereum slowly decreasing dominance of bitcoin. People are extremely optimistic and it has reached level not seen since the December 2017, this is usually a contrarian signal. We can expect a correction after this incredible rally but the momentum could still carry the price to some new levels.
In terms of indicators, the MACD are diverging and the RSI(14) is still overbought.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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