The last closing price passed below the 20 days moving average, will it reverse the long term trend?
Current support/resistance: $11'000/$12'000
The price keeps its downtrend due to an increasing selling pressure. If the support breaks we could even revisit the 4 digits price region. However, we shall not forget that the cryptocurrency has been in a strong uptrend over the last months and even a correction of this amplitude may not be enough to reverse the long-term trend. If the weekly closing is above $11'470, we will still have a green weekly candle, which would be a positive sign for further growth.
In terms of indicator, the MACD lines continue to send bearish signals and the RSI(14) fluctuates in the neutral zone.
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