Monday, June 17, 2019
Boosted by the latest News, Bitcoin price keeps a high profile after the test of the $9'400 resistance.
Actual support/resistance $9'000/$9'400
With the latest news from Facebook introducing its own cryptocurrency, potential investors and interest might be growing into the Bitcoin market. Other suspects that investors from China are buying Bitcoin to protect themselves from the Yuan devaluation. The dominance of Bitcoin has now reached 57%, potentially pushed by the Binance US Closure, one of the major platform for Altcoins. In light of these events, we can expect the prices to continue on the current trend. This pump is particularly appreciated when we know that the price formation over the last month was creating a potential head and shoulder pattern, which is a bearish sign.
In terms of technical indicators, the MACD lines have intersected this weekend and are now diverging and the RSI(14) is close to intersecting the overbought line.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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