Friday, June 28, 2019
Bitcoin underwent its third largest daily correction since early 2018. Is it positive for the future?
Actual support/resistance: $10'000/$11'500
This correction had to happen at some point. In terms of the technical indicators, the probability of a return to the mean was extremely high.
When bitcoin tested the resistance level at $14'000, the price crashed in a few hours to stabilize near $11,000. This crash allows to find more normal technical indicators this morning with a RSI close to being neutral, MACD lines converging and a price at a reasonable distance from the 20-days moving average which is at $9'600 this morning. The next few days will be critical, if the price can consolidate between $10'000 and $14'000 for some time this would be healthy for the future. This rise would be different from the 2017 madness that scares traders today. A Bitcoin consolidating above $10'000 would be a strong bullish signal.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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