Monday, October 14, 2019
The current support held well during the weekend. Some analysis predict a return to the 5 digits in the medium term. Will the trend reverse soon?
Current support/resistance: $8'300/$8'800
At the time of writing, Bitcoin is flirting with the $8'300 resistance. A spike below it has been made yesterday, luckily it was unsuccessful. However, the traded volumes remain very low and Bitcoin needs to regain interest if we want to see a strong push. As long as the support holds, this should happen naturally in the short term.
Sometimes it is good to put back this world in perspective, and remember that Bitcoin is still an emerging market. Even if there are more than 12'000 Bitcoin millionaires, the market capitalization of Bitcoin ($150 Billions) is surpassed by the stock value of more than 50 companies. In other terms, the cryptocurrency market is not even comparable to the total value of stock markets ($70 Trillions), which means there is plenty of room to grow as there are plenty of utilities brought by cryptocurrencies.
In terms of indicator, the MACD is still in the green and the RSI(14 days) below the 50 level.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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