Thursday, September 26, 2019
After a loss of more than 15% in three days, the bitcoin price has found support above $8'000.
Current support/resistance: $8'000/$8'700
Although a 40% drop since the 14'000$ of june is impressive, these corrections have been noted multiple times in the past for Bitcoin in long-term bull market phases as well. Today, the price has stabilized at the 200-day moving average level, the new key level that many traders will follow to identify a confirmation of a trend reversal. In terms of technical indicators, the RSI is in an oversold region never observed since November 2018 when Bitcoin fell below $6'000. Apart from this episode, such a low RSI was often followed by a recovery period.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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