Bitcoin trading has been holding price between technical constraints just above $400. The option of moving out of this range has been tried to the upside and down, recently, without igniting a meaningful trend. Classic(TM) dithering and consensus breach may be unnecessary, after all.
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OKCoin 3Month Futures 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Although the chart is primed for a strong directional move, it seems the market is at a loss for direction at the moment.
The OKCoin 3Month futures chart has been chosen, arbitrarily, and shows the larger 4-hour timeframe. The 20-period moving average (green) and 200-period moving average (200MA, red) are included in the chart as well as two declining channels and a support zone just below $400.
Price had failed to touch its lower channel trendline on the weekend, as the market showed respect for the $400 level (in this chart) as a significant demand zone. Earlier in the year, price action in this zone had been erratic and the market appears to be avoiding a dip below $400.
Downside aversion aside, the market had failed to hold price above its 200MA (red) following an energetic rally that ran out of conviction at the resistance ceiling near $480. Attempts to cross above the 200MA during the past few days have been unsuccessful, and the momentum indicators reflect the indecision by consolidating to their neutral positions (magenta arrows).Meanwhile, price is gradually approaching a declining channel trendline (light blue) that will force the market into a decision. Breaking above the trendline and the 200MA could see price target either of the […]
