Friday, July 12, 2019
The last closing price passed below the 20 days moving average, will it reverse the long term trend?
Current support/resistance: $11'000/$12'000
The price keeps its downtrend due to an increasing selling pressure. If the support breaks we could even revisit the 4 digits price region. However, we shall not forget that the cryptocurrency has been in a strong uptrend over the last months and even a correction of this amplitude may not be enough to reverse the long-term trend. If the weekly closing is above $11'470, we will still have a green weekly candle, which would be a positive sign for further growth.
In terms of indicator, the MACD lines continue to send bearish signals and the RSI(14) fluctuates in the neutral zone.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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