Wednesday, July 17, 2019
The price failed to stay above $10'000 and even dropped below $9'500. Did the trend change?
Actual support/resistance: $9'500/$10'000
The support of $9'500 has been broken but the price corrected higher quickly after. Again, we are witnessing a period of high volatility. We shall remember that Bitcoin has undergone even stronger corrections in its history while staying in a bullish market. Up to a drop to $8'000 we would still be within the range of the previous losses. If we do not see a recovery in the short term, Bitcoin could continue to weaken for a while. This would still be considered as a healthy and normal move.
The altcoins are suffering even greater losses and struggle to follow when uptrends appear. This is more concerning, as it may reduce the diversity of altcoins but can also filter out "useless" coins.
Technical indicators continue to signal a downtrend with no sign of change for the Bitcoin.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
Disclaimer: This is our way of communicating with our community. It is meant to be used for informational purposes not to be mistaken for financial advice. Our opinion, when shared, is just that, it may not apply directly to your individual situation. Any information gleaned here is to be used at the readers' own risk, SwissBorg does not accept any responsibility for individual decisions made based on reading our daily blog. Any information we provide on our daily blog is accurate and true to the best of our knowledge, there may be omissions, errors or mistakes. Copyright © 2019 SwissBorg, All rights reserved.