Here is the quick Monfex market analysis update.
The price is starting to consolidate near the $11,800 mark. Reaching higher lows and lower highs, this may indicate a break out in either direction. Volatility is decreasing and the RSI is showing downward momentum.
The fast EMA (200) is starting to make a sideways move, but still showing momentum for Bitcoin .
The current trend broke below the bottom trend line of the trend that was established on July 30. This is could mean it is forming a new trend, but with the aforementioned factors taken into account, we could see some heavy movement in either direction.
What To Watch
Watch for a break above $12,100. If this happens, we could see some good momentum upwards. If the price falls below $11,500 we could see a new downward trend headed to the nearest support of $11,100
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