Thursday, May 16, 2019
Bitcoin has stabilized and is currently traded sideways in the $8,000 region with a decrease in volumes of more than 30%. Awaiting the next move, the market continues its crazy recovery.
Actual support/resistance: $7'800/$8'400
With more than 15% of gain observed on Ether since yesterday, the total market capitalization approaches 260 billion dollars and the dominance of Bitcoin is now less than 56%.
Despite the parabolic rise, it is noted that bitcoin has not yet undergone a strong rapid correction as it may be expected. Thus, if the price continues to stabilize for a few days, it is possible that a bullish movement may be observed. In terms of technical indicators, it can be noted that the RSI(14), slightly overbought, on the weekly chart has not yet reached the end of 2017 values. The price is very far from the 20-day moving average. A return to the average should be noted, either through a consolidation period or through a correction.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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