Bitcoin price keeps consolidating in a narrowing price range. Although there is a breakout building pressure in the chart, there is not yet any technical evidence of the eventual direction.
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Time of analysis: 15h00 UTC Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
The rounded price wave formed over the past two days has begun breaking down and we watch to see if the market will sell price back into the blue support zone.
If price is held above the 200MA (red, near $655 Bitstamp) then there is the opportunity that this wave can continue higher.
Below the 200MA there is an additional potential bounce level at $640, at which a base wave may complete and then advance into a larger rally. Of course, losing that $640 level could be seen as a bearish signal and then the low $600s and a potentially larger decline may develop. Summary
Bitcoin price continues consolidating. Today, price has lost altitude toward the $640 consolidation pivot, but there is not yet any strong technical indication of a trending direction. Rather than guess an eventual breakout direction, traders should wait for price to confirm a trending move, and then establish either above $680 or below $600, before opening positions. 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 […]
