Wednesday, August 21, 2019
The $11'000 resistance blocked severely the ascent and pushed us back, as low as $10'085.
Current support/resistance: $10'000/$11'000
BTC is struggling to stay in positive territory but is still outperforming most of the coins. On a positive note, Bitcoin broke another record high, reaching a new hash rate. In the short term, an $8'000 level is still possible. However looking at search trends, we see that the new users are not there yet, with a level not much higher than the beginning of the year. It means that people trading right now are traders and holders and new inflow of money will arrive as adoption grows.
Even though the price is on the downtrend, the RSI is again close to the oversold, a positive signal for a future uptrend. However, the MACD lines, as well as the 20 days moving average, are clearly signaling a bearish move.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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