Friday, September 27, 2019
Volumes are exploding at the key support level. Are the bulls going to be able to regain control?
Current support/resistance: $8'000/$8'800
At the time of writing, bitcoin is testing the last support before the $5'000 region. The selling pressure has been strong since the price fell below the 200-day moving average, which confirms a trend reversal in the longer term. With the arrival of the weekend, a consolidation would be welcome to slow the current bearish momentum. The RSI is still in an extreme oversold region and the MACD lines are diverging.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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