Wednesday, August 28, 2019
Low volatility trading around the $10'000 resistance continues to define the current market.
Actual support/resistance: $10'000/$10'400
The last days the price tended to decline from the high it had reached. The $10'400 level may have built a strong selling pressure in this process and it may become difficult to break through it. The likelihood of Bitcoin reaching a new all-time high this year is decreasing as it slowly takes a bearish trend. Late September will be more revealing when, the futures trading platform, Bakkt will launch and allow more institutional participation in Bitcoin.
The technical analysis reveals a potential reverse with MACD lines converging and potentially giving a buy signal soon. Furthermore, the RSI stays below the 50 level, leaving much room for growth.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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