Thursday, October 31, 2019
The 200-day moving average is the current support.
Current support/resistance: $9'000/$10'000
Since Bitcoin failed to break through the $10'000 resistance, the price has been in a downward trend with a significant decrease in volumes. The key level to monitor is the 200-day moving average which plays its role of support for the moment. Indeed, a price above this indicator in the long term is a positive sign. On the contrary, if the price falls below this line, it is likely that the market will fall back into the $8'500 region without significant support.
In terms of technical indicators, the RSI has returned to a more neutral zone and the MACD lines show a convergence that potentially indicates a trend reversal.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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