Tuesday, November 12, 2019
The gains of Sunday have been totally erased this Monday. The two moves happened in a short amount of time. This high volatility is currently in favor of the bears.
Current support/resistance: $8'600/$9'000
The buyers failed to counter the selling pressure that pushed the price down yesterday. However, close to the $8'600 support, the buying pressure was sufficient and the price didn't fall to the next level of $8'500 which is currently the aim of the bears. We could expect a recovery in the short term if a close above the $9'000 level and the 20 days moving average, currently around $9'050, was to happen. Right now, the bears are still in power and we can expect further drop to the next support.
The indicators show a downtrend as well, the MACD line continues to diverge from the signal and the price is below the 200 days moving average.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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