Tuesday, July 2, 2019
The $10'000 support didn't hold this morning.
Actual support/resistance: $9'500/$10'000
Crossing the 20-day moving average, the price dropped in a few minutes this morning to be traded above $9'800 at the time of writing. The return to the average has therefore been achieved and the technical indicators show an inversion of momentum as well as a slightly oversold market. For the time being, this correction is not catastrophic for bitcoin, which should find support around $9'000 in the medium term if the price does not recover above $10'000. Some of the profits are also injected into the altcoins with a dominance of bitcoin which has fallen below 60%. An altcoin season could be triggered when the bitcoin will found support.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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