Thursday, August 15, 2019
Bitcoin's price continues its fall, this time dragging all the altcoins with it.
Current support/resistance: $9'400/$10'000
The previous $10'000 support held two times before being broken. The downtrend gained more momentum than expected and brought us back to the 4 digits. In the medium term, it is possible to see the price go as low as $8'000 which would be the next strong support. Within that range, the trend would remain in the current bull flag formation and would not mean the end of the bull market. Once again, this drop of more than 16% in two days, highlights the high volatility of Bitcoin.
The RSI(14) is now very low showing signs of bitcoin being oversold. The last times we reached levels that low, an uptrend has followed. The MACD lines are still diverging and the price getting further from the 20 days moving average.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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