Wednesday, October 30, 2019
The shadow of a bearish sentiment hangs again over Bitcoin. A strong consolidation is needed.
Current support/resistance: $9'100/$9'300
Bearish analyses have already started to pop out on social medias as well as more technical websites. The recent surge did help to put some hope in the general belief that was diminishing, however, the fact that it was so quick and failed to stay above the $10'000 level, kept some fear in people's minds. On the other hand, the accessibility of cryptocurrencies and their ease of use keep on increasing. Furthermore, events like the recent "black-out" of Bank of America, during which all its services went offline, remind the danger of centralization.
In terms of technical indicators, we are still in a bullish area even though the price is currently on a downtrend. The long-time trend is still bearish and consolidation above the $10'000 level will be necessary to reverse it.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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