Monday, May 27, 2019
Bitcoin prices reach a new yearly high, increasing by more than 10% in a day.
Actual support/resistance: $8'200/$9'200
A new spike in the prices has been seen at the end of the week. We finally pass the $8'200 resistance which had been tested multiple times during this month. However the daily traded volumes of Sunday were not particularly high. There is a risk that the momentum will not be strong enough to carry the prices for too long and start getting traded sideways again. The market capitalisation of the Altcoins is still reducing while the Bitcoin capitalisation keeps increasing.
In terms of technical indicators, the MACD lines have crossed Saturday giving a buy signal and the RSI has passed the overbought line this weekend as well.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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