Thursday, September 5, 2019
Bitcoin has stabilized but needs more buying pressure to hope to rise above $11'000.
Current support/resistance. $10'400/$10'800
The price has stabilized above $10'400 with a decrease in volume since the upward momentum observed at the beginning of the week. The Bitcoin encountered strong resistance at $10'800 which it failed to break. For the time being, the upward momentum observed at the beginning of the week is perfectly in line with the descending triangle and could be a false rally. If the price does not succeed in retesting the $11'000, it is likely that a correction will be observed in the coming days based on the current pattern. In terms of technical indicators, we can see that the bullish momentum has run out of steam and that the RSI indicates a neutral period.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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