Monday, November 11, 2019
Friday the price lost around 10 percent in an abrupt drop. Sunday, a strong push brought the price back above the 200 days average and the $9'000 level.
Current support/resistance: $8'600/$9'100
Friday triggered all the signals, when in its descent the price broke the 200 and 20 days moving averages, in addition to the MACD lines crossing. This gave a sell signal to many traders. Surprisingly, with this combination of signals, the price found a good support around $8'750. Bitcoin consolidated during the weekend and a strong buying pressure closed this Sunday. However, as expected with a push so soon after the drop, it was denied this Monday and the price went back to levels close to $8'750. We can expect a longer consolidation in that region before going back to higher levels.
As mentioned, the indicators are now all in the red, signalling a downtrend. The RSI(14) is stable and close to the 50 level.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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