Wednesday, October 23, 2019
The gains of the week have vanished and we are now back below the $8'000 level. The trading range is narrowing.
Current support/resistance: $7'800/$8'200
The price has been stuck in the $7'800 and $8'600 range for almost a month now. This is a small range for Bitcoin, in the past, the price did not stay long in such a range, moreover, it was usually followed by a big move. The overall market capitalization has decreased from over $ 260 billion to about $ 220 billion over the same period. No good news has been brought to help the bulls get back on the road.
The technical indicators are also mitigated by the fact that the price is again below the 20-day moving average while the MACD is in green but converges for a sell signal.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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