Monday, July 15, 2019
This Sunday was a blow for the price, which dropped more than 10% leading to a red weekly candle. A consolidation above $ 10,000 would be healthy for a future uptrend.
Actual support/resistance: $10'000/10'800
The prices were contained above $10'000 this weekend, but a low swing reached $9'784 early this morning before consolidating back above the $10'000. To expect a recovery we must settle above the $10'800 level. It was a strong support but was broken easily this Sunday, meaning that lower levels can still be reached. We will see in the short term how the five digits prices hold up as they play an important psychological support.
In terms of indicator, the MACD lines continue to diverge in the red and the RSI is getting lower and lower. Furthermore, we are significantly below the 20 days moving average, we can expect a return to the mean in the medium term if the supports play their role.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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