Wednesday, June 19, 2019
Even though the strong resistance of $9'500 has not been pierced, Bitcoin continues being traded over $9'000 surrounded by bullish news.
Actual support/resistance: $9'000/$9'500
The Libra white paper is now out. The cryptocurrency will initially be backed by four fiat currencies leading to very low volatility. Even though the blockchain used is permissionned, which is usually not appreciated within the decentralized community, the reach of this project will definitely attract more people to cryptocurrencies. Bitcoin might evolve into a safe haven asset that is not correlated with the traditional financial market of which Libra is a member. The number of active addresses is already growing rapidly, getting closer to the 1 million all-time high of late 2017.
The indicators are bullish, the price is still high above the 20 days moving average, MACD lines are diverging and the RSI(14) is flirting with the overbought line.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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