Friday, July 19, 2019
In less than 30 minutes, the price of Bitcoin exploded to win more than 10%. The next movements will be interesting to follow.
Actual support/resistance: $10'000/$10'800
This gain of +$1,000, which was accompanied by an impressive increase in volume, was probably triggered by a "short-squeeze". In other words, a large purchase order has induced the liquidation of many shorts contracts, causing a snowball effect. After this sudden movement, the price encountered strong resistance at $10'800. Despite this upward momentum, it is necessary to remain cautious because the trend is still bearish in the short term. As discussed yesterday, the price must consolidate above $10'000, the actual support, to hope for a recovery of the bullish momentum.
In terms of technical indicators, the price has come very close to the 20-day moving average of $11'000. This punctual spike has not changed the fact that the RSI still indicates an oversold period and the momentum derived from the MACD lines is also still clearly bearish.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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