Thursday, July 25, 2019
Bitcoin is back above $10'000.
Actual support/resistance: $10'000/$10'500
After testing the $9'500, bitcoin recovered and went back above the psychological level of $10'000. This recovery has to be confirmed but it is a bullish sign in the short term. Indeed, after the declarations of the American Congress on bitcoin and the news related to the cryptos ban in India, the sentiment was negative with a significant risk of seeing the price fall after having crossed the $10,000 support. Despite this strong buying pressure observed in a few minutes, volumes have nearly halved since last week and technical indicators are still bearish. However, the MACD lines tend towards a possible change in momentum and the RSI is moving towards a more neutral region. The next few days will be important to follow to determine the future trend but it can be expected that bitcoin will be traded sideways for a few days in the current range.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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