Tuesday, June 25, 2019
For the first time since March 2018, the price of Bitcoin has closed above $11'000.
Actual support/resistance: $10'000/$12'000
With more than 60% of the total capitalization, the market is still driven by Bitcoin. Traders sell their altcoins to ride the Bitcoin wave and take advantage of the current momentum. By 2017, this value had risen rapidly above 65% before the altcoins recoverd. The $10'000 level has been reported by most traditional media and google searches for the word "bitcoin" are at their highest level since the beginning of the month. With the arrival of retail investors, it is likely that the bullish trend will continue above $12'000 despite the fact that all technical indicators indicate an overbought period. In case of correction, the psychological support at $10'000 has to be monitored: if the price falls below this support, we can expect a significant correction to bring the price down close to $8'400.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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