Monday, August 26, 2019
Over this weekend, the price flirted a couple of times with the $10'000 resistance but never sustained below it, a good sign for the buying pressure.
Current support/resistance: $10'000/$10'700
While Bitcoin dominance continues to grow, the price was stable this weekend with low volatility. However, there was one takeoff point out this Sunday. The price increased sharply from $10'000 to $10'600 in a couple of hours, right at the time President Trump responded to China additional duties by increasing the tariffs on Chineses goods. It seems like the trade war still impacts the price fluctuations. In countries where the local currency is out of control, implementation of new ways to pay is even faster. Venezuela's largest chains of department stores are now accepting cryptocurrencies. Daily uses of cryptocurrencies are not something for the future but it occurs now.
The daily MACD is slowly losing pace in the bearish zone. The RSI is getting closer to the 50 level.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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