Tuesday, July 9, 2019
An appreciable breakout moves the price upward, leaving the triangle formation behind.
Current support/resistance: $11'600/$13'000
Yesterday the prices broke the resistance of $11'600. We might have expected a stronger breakout, especially in the crypto-space. However reasonable gains are more healthy in the long term and leave some room for further improvements. While the main altcoins have also gained a few percents most of them are underperforming Bitcoin.
Over the last month, the price has struggled to stay above the $12'000 level. Now that it has consolidated, and that indicators show more stable value, it would be good in the near-term to stay above this level, showing its momentum which would allow it to climb higher.
The MACD lines have just crossed and the RSI(14) is still below the overbought level.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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