Thursday, August 22, 2019
With the current loss of momentum, the price of Bitcoin fell sharply after finding strong resistance at $11'000.
Actual support/resistance: $10'000/$11'000
It seems that last week's announcement of Bakkt was not a significant catalyst to give enough buying pressure and reverse the current bearish sentiment. Yesterday, the price even briefly fell below the key and psychological level of $10'000. The short term downward trend has not been reversed and indicators confirm this behaviour with divergent MACD lines and a slightly oversold RSI.The price must remain above the current support level. Otherwise, we can expect to quickly test the $9300. The last major support before the $8'000 region.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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