Monday, October 28, 2019
Once again, we are reminded of the dynamism in the crypto-market. Bitcoin boomed by more than 20% after bullish news from China.
Current support/resistance: $9'000/$10'000
Many analysts link this push to the recent adoption of the blockchain by President Xi Jinping. But it seems that mostly Westerners have responded to this news by pushing prices up when America woke up. This has probably caused a chain reaction that has led to a buying pressure fuelling itself by attracting new buyers. The volume traded has increased considerably on major exchanges. During this push, several resistances were easily broken. This event was essential to reverse the trend because the feeling was becoming more and more bearish.
The 200-day moving average and the 20-day moving average were easily crossed during this push. It also turned the MACD to green and pushed the RSI to high values. If the price manages to exceed the resistance of $ 10'000, we will have a new bullish start.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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