Monday, July 29, 2019
Increasing pressure from the bears on the market has been noticed. Will it be enough to further push back the price?
Current support/resistance: $9'000/$9'700
The price held the $9'300 support level during this weekend. Volumes were relatively low, even during the volatile Saturday. The price rose above $10'000 but quickly to lower levels. Since then it has been recovering, and we can expect it to test the strong resistance of $9'700. The momentum is weak and there is a risk that it won't be enough to break it. In such a case we might witness a sharp decline towards $9'000.
The technical indicators are sending bearish signals, the consolidation needs to last longer to reverse the trend. The one remaining positive indicator is the community trend which has a significantly high level. It shows that within our community the bulls remain and those low levels are considered as a phase.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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