Tuesday, June 4, 2019
Bitcoin dropped by more than 10% in a few hours.
Actual support/resistance: $7'400/$8'000
This major correction is not dramatic after more than 100% gain since the beginning of the year. This correction is even healthy for the long term. However, it is important that the price stays above $7'400. Otherwise, there is a risk that we could return to the $6'000 region. After this strong correction, it is likely that the price will recover in the coming days to test again the $8,000 resistance level.
In terms of technical indicators, the MACD lines confirm a change in momentum and we are below the 20-day moving average. This had not been observed since April. The RSI (14) is now neutral as well.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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