Wednesday, November 6, 2019
The price is maintaining itself just above the 200 days moving average as well as consolidating in a contracting range forming a flag.
Current support/resistance: $9'200/$9'500
After the burst we experienced more than a week ago, the Bitcoin has been traded in an interesting formation. The price range has been contracting, forming what traders call a flag, at the top of a pole (the last burst), usually considered as a bullish formation. Furthermore, the bottom of the flag has been limited by the 200 days moving average. When the price leaves the flag, it will probably be a strong move as many are expecting it. It should be monitored closely for the next days, another bull move might make us leave bear market!
Technical indicators are still in the green, with the RSI(14) indicating some room for growth.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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