Bitcoin price broke above its narrow 4-day trading range, but may soon re-enter the horizontal layer that has been constraining market activity.
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Time of analysis: 14h00 UTC Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Although it looked like the wave would push toward $440 in SUnday’s low liquidity, the wave has been declining piece-meal since the high at $428.
In keeping with the jagged price patterns visible in the chart, we can expect that the spike up will eventually be fully retraced, or perhaps continue lower.
The vicinity of the 200-period moving average (red) seems a logical target, below which we’d look to short. Staying above means ongoing consolidation. Summary
Bitcoin price reversed quickly from an upward spike on Sunday. Price is currently retracing the spike and may continue doing until reaching its level of origin. Meandering price with no clear direction. Only a directional breakout could clarify this chart, but until then there may be a lot more sideways price action to endure. Bitfinex Depth Chart and Buy/Sell Volume What do readers think? Please comment below. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here . Not a member? Join now and receive a $29 discount using the code CCN29. Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday. Disclaimer The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report. Bitcoin price […]
