Monday, November 4, 2019
The price stabilizes above $9'000, struggling in front of the resistances.
Current support/resistance: $9'000/$9'400
Since the push we witnessed a week ago, the volumes have constantly decreased and interest has followed. Fortunately, the $9'000 support held during the week and might help to build up some buying pressure to first break the $9'300 resistance. As the price responded surprisingly well and fast to last week's news from Xi Jinping supporting blockchain, another one of the sorts could play the catalyzer to propel the price.
Technical indicators continue to be in the green, boosted by last week's pump. However, they are on the decline, as the price is getting closer to the 200 days moving average. A cross with this line may drag the price to levels close to $8'500. The RSI(14) is above the 50 level, and the MACD lines are starting to converge.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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