Tuesday, August 27, 2019
The price of Bitcoin gained more than 5% in a few minutes yesterday.
Current support/resistance: $10'000/$10'700
This strong bullish momentum accompanied by an important volume was stopped by a significant resistance at $10'700. On the weekly chart, for the first time since November 2018, there has been a change in momentum indicating a potentially bearish market. This indicator, which requires confirmation, has already shown false signals in the past (particularly at the end of 2017) but usually indicates a change in trend over the long term or the beginning of a confirmed sideways market. If Bitcoin continues to consolidate above $10'000 the sideways market is likely unless a major catalyst comes into play.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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