Friday, May 24, 2019
Despite declining volumes, bitcoin recovered after testing the $7'500 support level.
Actual support/resistance: $7'800/$8'000
In half a day, we saw a strong bullish momentum that saw the price test the $8'000 again, without success. Bitcoin has finally found support above the key level at $7'800. The next few days will be critical. If this level does not hold, it is likely that we will quickly return to the $7'500 region while risking to test the last strong support at $7'200. In terms of technical indicators, we have been above the 20-day moving average for almost a month now and volatility (the price dispersion) remains similar to the values observed in early 2018.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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