Tuesday, August 20, 2019
Bitcoin has recovered nearly 6% since yesterday.
Actual support/resistance: $10'000/$11'000
This morning, the resistance level at $11'000 has even been tested without success. This medium-term upward trend is catalyzed by the announcement of the Bakkt exchange, which will launch ,after many months of expectations, physically-settled bitcoin futures at the end of September. Many observers believe that these products will open the door to many institutional investors and will have a likely bullish effect in the long term.
Indeed, the regulated and compliant contracts offered by Bakkt, are different: for the first time, it is not cash that will be received at the end of the contract but physical bitcoins. In other words, Bakkt will have to acquire a lot of bitcoin in circulation to satisfy the demand.
In terms of technical indicators, there are signs of confirmation of trend reversals with the MACD lines indicating a probable change in momentum. Change in momentum that could be confirmed if the price rises above $11'000.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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