Tuesday, October 8, 2019
The observed percentage gain is the largest observed in more than a month.
Current support/resistance: $8'000/$8'200
The MACD lines, which are defined by a short and a long moving average, have just crossed each other indicating a potential change in momentum. In addition to this bullish indicator, the RSI has returned to a more neutral zone and the price of Bitcoin seems to confirm support above $8000. If buying pressure and volumes increase and the price manages to rise above the 20-day moving average, this upward momentum could be confirmed. Otherwise, it is likely that the support at $8'000 will be tested again with a significant risk that the price will fall below it.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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