Thursday, October 3, 2019
The Bitcoin price is now in a steady position but trading between $8'000 and $9'000 can be expected.
Current support/resistance: $8'000/$9'000
The $8'000 support proved itself strong enough to create a reversal in the trend. It is currently hard difficult to predict how far this will lead us in the short term but it is very unlikely to see a drop below the 8'000 level. In terms of utility, a new report showed that the international Bitcoin market LocalBitcoins, which reflects more real usage than trading objectives, had steady growth since early 2019. This has been driven by Latin America and sub-Saharan Africa, regions where trust in the local currency is at risk.
Technicals indicators are on the verge of showing a reversal in the short term trend, the MACD lines being close to intersects and the RSI being in the oversold region. However, we are still a few levels below the 20 days moving average, meaning that if a trend reversal really appears it will probably be weak until this moving average.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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