Tuesday, May 21, 2019
After going through the resistance at $7'800, we witnessed a rally that saw bitcoin appreciate by $400 in a few hours.
Actual support/resistance: $7'800/$8'000
After going through the resistance at $7'800, we witnessed a rally that saw bitcoin appreciate by $400 in a few hours. However, a quick correction was found after testing the $8'200 again. This key level has been tested several times without success, it is likely that a correction will occur if this level continues to hold. After the violent movements observed, we can expect a period of stabilization where the price will be traded sideways.
In terms of technical indicators, the price is still above the 20-day moving average, the RSI(14) has returned to a more neutral zone and the MACD lines tend to converge.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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