Wednesday, October 16, 2019
The bulls have been under high pressure in the past few days, and the current support is precarious.
Current support/resistance: $8'000/8'600
The price did not last above $8'300 support, the fight is now on staying above $8'000 more than building a bullish momentum. Many analysts expect a further drop close to $7'700. A sentiment of fear seems to be growing and people's minds and traders are less interested in Bitcoin, leading to low volumes. The general feeling from Bitcoin holders is that a lower low for this bearish cycle is to be expected. The technical indicators do not promise a great rebound in the short term. The daily MACD will soon intersect, giving a sell signal, whereas on most of the timeframe it is already in the red. The 200 days moving average plays the role of a strong resistance. However, our community is still confident in the short term, with a majority of "Up" predicted.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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