Tuesday, July 30, 2019
The price is approaching $9'100, a key level for the market.
Actual support/resistance: $9'100/$9'800
After the violent movement observed on July 28th when the price dropped by more than $500 in a few minutes, the price recovered and the volatility dropped a little. Despite the observed recoveries, the trend is still strongly bearish in the short term and the price is close to the key support at $9'100. The RSI(14) has been in free fall for a few days to be strongly oversold and the difference between the MACD lines has never been as important as since March 2018.
If the price does not consolidate above $9'100 for a while, which would be a bullish indicator, we can fear that the bear market is back. Altcoins have regained some breath and the dominance of bitcoin has fallen below 65%. In particular, Ethereum has performed well compared to bitcoin over the past 7 days. With the disappointing performance of bitcoin in recent days, will the altcoins season start??
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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