Wednesday, July 3, 2019
After testing the $9'600, the price jumped above the 20-day moving average.
Actual support/resistance: $10'400/$11'600
While most technical indicators raised the possibility of a significant drop to around $9'000, strong purchasing pressure allowed Bitcoin to reverse its trend in the short term. This movement will be interesting to follow, if the price remains above $10'000 long enough, it is likely that the upcoming consolidation will lead to a future explosion.
In any major correction, this type of startle is often observed. It is therefore also possible that this one is not necessarily complete. With neutral indicators and high volumes, everything will depend on bitcoin's ability to stay above $10'000 for quite some time.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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