Tuesday, October 1, 2019
At the moment, the price of Bitcoin is holding above $8'000.
Current support/resistance: $8'000/$8'600
After testing the $7'700, the price recovered to go back above $8'000 in a few hours without succeeding in going above $8'400 where the moving average of 200 days, the current technical resistance, is located. This recovery is healthy to hope for a calmer period and a potential change in momentum. In terms of technical indicators, unlike the November 2018 crash, the RSI(14) has not yet fallen into a similar oversold region. It even rises slightly.
What will follow is clear if the price manages to stay above $8'000 and even go back above the 200-days moving average, a long-term trend indicator, it is likely that a bullish momentum will be triggered. On the other hand, if the $8'000 does not hold and is frequently tested, it is likely that $6'500 is the next level to follow.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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