Bitcoin price still in the downtrend, in addition, most of the altcoins are in the red as well.
Current support/resistance: $7'000/$7'500
The price continues to fall as the selling pressure increases. It is likely that the $7'000 level will be tested again. In the long term, Bitcoin holders are still expected to be in the green. One crucial element will be the halving of next year that will likely reduce the selling pressure and push the price up.
From a technical perspective, yesterday the MACD lines crossed and the 20 days moving average was not far away. However, as the price kept its negative slope, the buying signal from those indicators did not play out. The RSI is now just below the 40 level indicating that the selling pressure may cool down soon.
Disclaimer: This is our way of communicating with our community. It is meant to be used for informational purposes not to be mistaken for financial advice. Our opinion, when shared, is just that, it may not apply directly to your individual situation. Any information gleaned here is to be used at the readers' own risk, SwissBorg does not accept any responsibility for individual decisions made based on reading our daily blog. Any information we provide on our daily blog is accurate and true to the best of our knowledge, there may be omissions, errors or mistakes. Copyright © 2019 SwissBorg, All rights reserved.