Tuesday, September 24, 2019
Strong selling pressure pushed Bitcoin below $10'000.
Current support/resistance: $9'600/$10'000
Despite the launch of the physically-settled future by Bakkt which is a bullish news in the long term, bitcoin dropped sharply after failing to cross the trend line of the compression triangle. This sharp drop is observed in a period of low volume. In terms of technical indicators, the RSI indicates the more pronounced overselling period observed since the beginning of the year. The trend is bearish and if the price does not exceed $10'000, it is likely that the $9'100-$9'500 region will be tested again.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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