Wednesday, November 13, 2019
Will the price of Bitcoin hold above the current support or is the $8,000 region getting closer?
Current support/resistance: $8'600 / $9'000
Still below the 20-days and 200-days moving average, the price of Bitcoin stabilized after falling below $9'000. The current support has to be followed and it would be healthy for a recovery if a consolidation period were to be observed for a few days even if the decrease in trade volumes makes Bitcoin sensitive to violent movements.
In terms of technical indicators, the RSI(14) is neutral with an oversold trend and the MACD lines confirm a downward trend.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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