Friday, July 5, 2019
This 4th of July was not merciful on the Bitcoin price which was blocked near $12'000. It followed by a decline to a closing price at $11'136.
Actual support/resistance: $10'000/$12'000
While some bearish could see a potential start of downward momentum, it is probably better in the long term to calm the exponential growth we have witnessed. This fast trend can create more buzz but also tend to frighten and lead to a less stable market. As long as the price stays above the psychological level of $10'000 there are no reasons to worry for the future of Bitcoin. However, if this floor is broken, a new one could be found, possibly around $8'000. A lot of red can be seen in altcoins as well, it may result in more consolidation of Bitcoin, a result of the altcoins dump.
The technicals indicators are signalling a downtrend. We are getting closer and closer to the 20 days moving average, the MACD lines are diverging in red and the RSI lowering in the neutral zone.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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