Thursday, June 27, 2019
After crossing the $13'000 mark, bitcoin encountered a violent resistance at $14'000.
Actual support/resistance: $12'400/$14'000
The Bitcoin continued its spectacular ascent with nearly 10% gain in 24 hours for nearly 40% gain over the past week. When the 14'000$ were hit, an impressive drop was noted. In less than two hours, the price lost more than 15% to fall back to $11'300 and finally stabilized above $12'500. The impact of this correction will be interesting to follow. If the price stabilizes at the current level and gradually approaches the average, it would indicate that the bulls are in control. That would be healthy for the future and reduce the chances of a major correction,. On the contrary, if a larger correction is noted, one can expect to drop violently below the $10'000 which is a key level to watch.
For now, indicators still show an overbought period with RSI that fell below 80 after this violent movement. Statistically, it should be kept in mind that a return to the average is likely.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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