Friday, October 18, 2019
The price of Bitcoin is back in the critical region: the community is expecting a recovery!
Current support/resistance: $7'700/$8'000
For the fifth time since the end of September, the price is in the $7'700 region where it has always found support. Even if the buying pressure is high, the volumes are relatively low. It is therefore likely that this level will hold over the weekend if no violent movement is observed. As discussed yesterday, this level is key and it is important that it holds to hope for a recovery in the medium term. In terms of technical indicators, it can be noted that the MACD lines are close to cross each other, which confirms the downward trend. The behaviour of the RSI is similar to that observed in November 2018. Sooner or later, price consolidation can be expected.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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