Tuesday, July 23, 2019
The closer we get to the $10'000, the more uncertain the community becomes. The positive sentiment loses its strength.
Actual support/resistance: $10'000/$11'000
The bearish trend, observed since the end of June, has regained the momentum. After briefly returning to the 20-day moving average, the price dropped by more than 8% since the recovery to test the key support at $10'000. In addition to a medium-term declining trend, all technical indicators are in the red with an oversold RSI similar to that seen at the beginning of the year. In the long term, the trend is still bullish but the MACD lines on the weekly chart tend to converge. If the $10'000 support does not hold, the $8'000 will be the key level to follow to avoid risking bear domination in the long term as well.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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