Wednesday, September 4, 2019
The price is driven by a positive announcement, $11'000 is the level to follow.
Current support/resistance: $10'000/$11'000
The bullish momentum continues for Bitcoin. The price was driven by VanEck's announcement of its limited institutional offer for Bitcoin ETFs (Exchanged Traded Funds) on September 5. An ETF is a financial product that allows you to track the performance of an underlying without holding it in order to easily diversify.
In terms of technical indicators, the upward momentum is confirmed with diverging MACD lines and a price above the 20-day moving average. Bitcoin is still in the compression triangle but, if the price goes above $11'000, we can expect a strong bullish momentum.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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