Bitcoin price continues holding to sideways trade above 2900 CNY and $440.
Time of analysis: 15h30 UTC
From the analysis pages of xbt.social, earlier today:
A quick look at the 1hr BTCC chart and we see the moving averages compressing in near-horizontal price action today.
MACD has settled on its zero line and RSI has sufficient divergence in both directions to allow a price wave to move some distance – either up or down.
The 4-hour and 1-day charts are technically bullish, but a reversal to the downside will quickly change that.
Until we see a price wave push to a new high, the resistance ceiling may continue to prevent advance. To the downside, if the market chooses it, there is a free-fall zone below $440 down to $400.
Not sure what to expect here. Price action has been strained coming into this year and the market seems unsure about striking out to the upside. We wait for additional price waves in order to see a recognizable price pattern.
What do readers think? Please comment below.
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