Friday, October 11, 2019
The price of Bitcoin fluctuated in a $600 range yesterday.
Current support/resistance: $8'300/$8'800
An important volatility was observed yesterday. Bitcoin experienced a very strong bullish momentum to test the current resistance at $8'800 without success and immediately fall back to the $8'400 level with strong selling pressure. After returning above the 20-day moving average (a bullish indicator) and returning to a more neutral RSI, this strong reaction at the resistance level is a bearish indicator. Volumes are not yet sufficient to reverse the long-term trend. However, with a dominance of 67%, Bitcoin has lost shares in terms of total market captialization compared to altcoins such as Ether since September.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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