The 6'800$ resistance was not strong enough to hold the price. We shall now wait for a new savior.
Current support/resistance: $6'400/$7'000
In countries where the local currency is not stable, the demand for alternatives continues to grow. The volume traded on LocalBitcoins has now reached a new all-time high, showing rising demand during times of hyperinflation. The government itself has issued a cryptocurrency, the Petro, backed by barrels of Venezuelan oil.
On a larger scale, Bitcoin demand is not increasing, the bulls did not have enough buying pressure to keep the latest support. Many analysts consider the levels around $ 5,300 as the next solid support, being the support in April and March which pushed the parabolic movement.
In terms of technical indicators, things do not seem too good, the monthly MACD has just made a bearish crossover and we are still below the 200 and 20 day moving averages. However, the RSI is now oversold and a bounce should occur in the short term.
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