Tuesday, July 16, 2019
After a week in the red, bitcoin recovered by finding support at $10'000
Actual support/resistance: $10'000/$11'000
Despite this recovery, the buying pressure was not strong enough to rise above $11'000. The actual key resistance. The next few days will be critical: if bitcoin can confirm the major support at $10'000, we can expect a healthy consolidation. Otherwise, the correction could accelerate sharply with a negative sentiment. The entire market suffered from a drop of more than 25% in the price of bitcoin: the bitcoin dominance increased sharply to almost 70%. A level not seen since the beginning of 2017. In terms of technical indicators, despite the recovery observed yesterday, the price is still below the 20-day moving average, the RSI(14) is still oversold and the MACD lines have slightly slowed their divergence.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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