Monday, September 30, 2019
The bears are now controlling the market and the next supports are shaky. How will the bulls react?
Current support/resistance: $6'500/8'000
The crucial $8'000 resistance did not hold very long as Bitcoin is now below lingering below the 21 weeks moving average. Bears are now in control of the market and sentiment of fear is growing. Lower volumes than expected on Bakkt platform has reinforced this feeling. The next support is very scarce and we can expect the price to find some support close to $6'500. We might stabilize if the bears consider this level as the current bottom and might hope for a rebound.
Our indicators have been overconfident on a bullish recovery and have lost accuracy over the last days. We will see how the community reacts and adapts to this new type of market. On the other hand, all our technical indicators were and are still signaling a bearish trend.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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