Yesterday, the price closed just above the 200 days moving average, which as played the role of support since the last rally. The next move will be decisive.
Current support/resistance: $9'000/$9'500
The closing price of yesterday is still within the define pole we talked about a few days ago. However, it seems the direction aimed is still uncertain. A strong bounce from the support is needed in the short term otherwise the current formation will break to lower levels. Traded volumes are not particularly high either, not a good sign for a bullish rally. If that happens, the next support would be $8'500.
The price is currently being traded below the 200 days moving average, potentially the start of a bearish breakout. However, the daily candle should be awaited for confirmation. The MACD lines are almost intersecting to trigger a sell signal.
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.