The $7'000 support has been tested a few times this weekend. If the buying pressure increases, we may see unexpectedly low levels.
Current support/resistance $7'000/$7'500
At the beginning of last week, the target was to break the $7'500 resistance, but what happened is quite the contrary. The price continued on a downtrend and only the $7'000 support stop it. On a bigger picture, we shall remember that since the beginning of 2019, Bitcoin saw a return of more than 90% which is a lot better than traditional assets. Furthermore, it is expected that in the long term, this trend will continue, especially when we consider the 2020 block reward halving.
Technical indicators give a bearish signal in the short term, the MACD lines being close to intersect as well as the price being below both 20 and 200 moving averages.
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.