Monday, October 7, 2019
The weekend finished with a red candle below the $8'000 resistance, a bearish signal.
Current support/resistance: $7'600/$8'000
The $8'000 support has been crossed this weekend, while we had passed below it momentarily before, we are now talking about a close price ending this Sunday. This does not look good for the immediate future as only a few support can hold the price between $8'000 and $6'000. One can expect further losses if the Bulls do not intervene miraculously. We have not entered the Alt-season either as the main Altcoins are falling back on red as well, following Bitcoin.
The MACD is now moving in tandem with the signal line but still in the red. We are trading below the 20 days moving average and the RSI(14) continues to be oversold.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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