Friday, August 16, 2019
High volatility and $10'000 level crossed, fear seeps into the minds, even though Bitcoin become increasingly adopted by institutions and governments.
Current support/resistance: $9'500/$10'300
Yesterday, the price had dropped to $9'483, but returned quickly above $10,000 after. The buying pressure below $10'000 is still high, a good sign to consolidate around this level. This high volatility has further questioned the recent term used, "safe-haven asset", linked to the ongoing trade war. One shall remember that there is no perfect asset and only one better for one's current situation. For example, Argentina saw its pesos losing more than 20% of its value in a couple of days, at the same time bitcoins on LocalBitcoins were traded 10% higher than in the rest of the world. It shows how the need for Bitcoin is real in some countries. Secondly, when taking this view of digital gold, people usually implies holding the Bitcoin for a long time and the long term trend is still bullish.
The technical indicators stay red with MACD lines diverging and Bitcoin being traded below the 20 days moving average. The RSI(14) stays low, with plenty of room for growth.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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