Bitcoin price is stuck inside a resistance zone. A skylight (and escape rally) is $20 above current price ($450 Bitstamp) but the market is turning its toe in the sand, and leaving the indicators to revert to neutral.
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Time of analysis: 15h00 UTC OKCoin BTC/USD 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Yesterday’s analysis considered long-term horizontal support and resistance (S&R) zones in the 1-day candle price chart since April 2014. Today we look at 2016 price action in the 4-hour chart. The same S&R zones are shown, with the addition of a diagonal support level below the rising price pattern from the January 2016 low. This ascending level represents a Fib line that originates at the January 2015 decline low. Strong support.
Price is currently trading inside of the red resistance level just below $470. The significance of $470 is that it is the level of the 0.382 Fib retracement level of the entire 2013 rally.
The market has been having difficulty getting above $470. Depending on how you classify an “attempt at advancing above resistance” there have been between 3 and 7 advances on the resistance zone near $470 during the past two years – most of them during the past six months and the latest attempt was made last week.
When and how the market will surmount this level remains to be seen. The best attitude that traders could adopt is to wait for the market to settle the matter, and to then open positions into the subsequent trend. Bullish Victory Getting above $470 – and both opening and closing a […]
