Wednesday, October 9, 2019
The situation remains unchanged for now, $8'000 being a critical support.
Current support/resistance: $8'000/$8'500
Bitcoin price is slowly consolidating above $8'000 and if it continues it may be sufficient for a bounce back. Furthermore, volumes have been low, if a buying pressure forms, it may be the key to break the $8'500 and the 20 days moving average laying around that level.
On the large picture, Bitcoin stays the winner over the 2019 gains. We recall that it started the year at $3'746, and if one wants to compare it to digital Gold, one needs to analyze long term holding. Many look at Bitcoin as a tool for active trading, but we shall not forget that over its history, holding Bitcoin was mostly beneficial.
The MACD lines have now intersected giving a buy signal and the RSI(14) stays at level of oversold letting room for a surge. The 20 days moving average is now close to the $8'500 resistance, and it would be a positive sign to break the two at once.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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