After being traded sideways for several days, the price broke the resistance at $5'100 last night.
Actual support/resistance: $5'100/$5'200
After being traded sideways for several days, the price broke the resistance at $5'100 last night. Last week's movements were relatively bearish and it was critical to have a new bullish momentum or a consolidation at $5'000 to avoid falling back into a bear market. The $5'200 were even briefly tested last night but, based on the current history, this level appears to be a very important resistance. If the price can break this level, we can expect a strong bullish momentum in the coming days. On the contrary, the current support is relatively weak. Without buying pressure, this level is unlikely to be sustainable in the long term.
Most indicators are bullish but the MACD lines show a trend reversal. In addition, volumes fell by more than 70% compared to last week.
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.