Strong selling pressure pushed Bitcoin below $10'000.
Current support/resistance: $9'600/$10'000
Despite the launch of the physically-settled future by Bakkt which is a bullish news in the long term, bitcoin dropped sharply after failing to cross the trend line of the compression triangle. This sharp drop is observed in a period of low volume. In terms of technical indicators, the RSI indicates the more pronounced overselling period observed since the beginning of the year. The trend is bearish and if the price does not exceed $10'000, it is likely that the $9'100-$9'500 region will be tested again.
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.