Friday, May 31, 2019
Yesterday was a very volatile day, Bitcoin prices hit more than $9'000 and then poked values below $8'000!
Actual support/resistance: $8'000/$8'800
The whipsaw we witnessed has one consequence for traders using leverage: it can liquidate both long and short position in a very short amount of time. Such moves are not encouraging the SEC to deploy a Bitcoin ETF. We may need to reach higher market capitalisation to get an approval.
Most of the altcoins followed Bitcoin prices in the fall, showing again the power of the market leader. It is now probable that the prices will consolidate for a while before the next move.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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