Bitcoin cost spend upwards reversed at $380 (Bitstamp), yesterday, in addition to is currently running into upside resistance. It is all the same likewise before long subsequently the final rigid moving ridge downward to confidently telephone phone the side yesteryear side move, in addition to analysis suggests staying out of the marketplace until the introduce nautical chart indications resolve.
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Bitcoin Price Analysis
Time of analysis: 10h30 UTC
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, before today:
Bitstamp 4hr nautical chart on the left in addition to a 1hr nautical chart on the right
The xbt.social merchandise recommendation from $433 (Bitstamp) is forthwith closed, since its dynamic halt loss was triggered when cost returned to the 4-hour 200MA a few minutes ago. The closing cost was Bitstamp $404.
Last night’s driblet below the 4-hour 200MA was fast in addition to determined in addition to striking precisely to the lower Fib business target (blue circle) identified inward yesterday’s analysis. Price has forthwith bounced dorsum to the 4-hour 200MA in addition to what happens side yesteryear side at this juncture volition endure interesting.
The 20-period moving average (20MA, green) in addition to cost is converging on the degree of the ruddy 200MA. Judging from the diverged stochastics (top panel, uncovering the bluish dots indicating downside regular divergence), equally good equally the over-sold patch of both stochastics in addition to MACD (panel simply higher upwards price), we’d await cost to forthwith react to the upside. But RSI has contrary diverged to a previous high (magenta annotation, 3rd panel from top) in addition to cost is pressed upwards against the resistance of the 4-hour 200MA. So, rigid (but opposing) forces are acting on cost inward the 4hr nautical chart in addition to nosotros should hold back to meet how the marketplace navigates this high-pressure condition.
The 1-hour nautical chart (not shown) has RSI contrary diverged to a previous high, in addition to if cost continues higher, RSI volition contrary diverge to the transcend of the previous correction (pointed out yesteryear a magenta arrow inward the chart, above). The indications inward the 1-hour nautical chart favor reversal dorsum to the downside. Will a reversal meet spend upwards to a novel low? It’s hard to nation – nosotros powerfulness meet a larger sideways correction cast higher upwards the Fib business that halted spend upwards yesterday.
Summary
Bitcoin cost spend upwards has establish back upwards most $380 (Bitstamp). The electrical flow reversal may meet cost operate its means higher inward the nautical chart – for now, evidently inward correction only. Traders should hold back for opposing indications to play out before the administration of the side yesteryear side movement volition larn clear.
Bitfinex Depth Chart in addition to Buy/Sell Volume
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Disclaimer
The author trades Bitcoin. Trade in addition to Investment is risky. CCN.LA accepts no liability for losses incurred equally a resultant of anything written inward this Bitcoin cost analysis report.
Bitcoin cost charts from TradingView.
Image from Shutterstock.
