Friday, August 9, 2019
The CyBorg is still not confident about the $12'000 resistance but the technicals indicators are sending bullish signals.
Current support/resistance: $11'200/$12'000
A swing high was formed near $12'077 but did not consolidate. More momentum seems to be needed to break out of the pennant forming. As the traditional financing system is getting more and more expensive with negative interest rates, alternative ways of investing are more and more popular. It may give the necessary kick to send the price higher.
In terms of indicators, the pair Bitcoin is being traded well above the 20 days moving average. RSI(14) is stabilizing below the overbought line and the MACD lines keep diverging.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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