Bitcoin price canal

Bitcoin price has returned to $450 after retesting this week’s low. Local support is holding and the market has, so far, avoided additional lows.

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Bitcoin Price Analysis

Time of analysis: 17h00 UTC

OKCoin BTC/USD 1-Hour Candle Chart

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From the analysis pages of xbt.social, earlier today:

Price fell back to Tuesday’s lows, overnight, but snapped back to the vicinity of $450 during today’s trade.

Despite the rejection from upside resistance, price remains in an upward trajectory, as illustrated by the rising channel lines annotated in grey. Since the late-April low, the price chart has printed a series of higher lows.

The potential decline targets described in this week’s previous analysis posts, will only become applicable if price breaks below the rising channel line that’s currently running through $446 (Bitstamp).

RSI reverse divergence (magenta, second from top) coincided with a failure to push through the 200-hour moving average (red) and has caused price to drop back toward $450.

If price finds support at the rising lower channel line then the market may attempt the upper trendline and the resistance zone again.

Summary

Bitcoin price holds its advancing trajectory. Support – in the form of a rising channel – is currently at $446 (Bitstamp). While price trades above the trendline, we can only assume another attempt on resistance at $470. Only if price breaks below, will decline to $440 and $425 come into focus.

Bitfinex Depth Chart and Buy/Sell Volume

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Click here for the CCN.LA interactive bitcoin-price chart.

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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 charts from TradingView.
Image from Shutterstock.