Thursday, July 11, 2019
Almost all the altcoins followed the strong correction of Bitcoin, reducing the total market cap by more than 30 billion.
Current support/resistance: $11'000/$12'000
The price was not able to settle above $13'000. It resulted in a sharp decline below $12'000. We are currently below the 20 days moving average which has been acting as a strong support for almost a month. There is a risk of retracement further down to $11'000.
Potential news that affected the price are again linked to the Tether case. The New York attorney general's office has pointed out their wrong behaviour. Furthermore the Metropolitan Commercial Bank which maintained accounts for the stablecoin, closed their accounts. Some people may have left this case before any bigger announcements appeared.
While the RSI(14) is going down in the neutral zone, The MACD lines just crossed again giving a selling signal.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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