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Bitcoin Price Eyes $300 And Advance

Last Updated April 24, 2023 12:49 PM
Venzen Khaosan
Last Updated April 24, 2023 12:49 PM

The Bitcoin price chart is showing signs of a pending move higher. Technical analysis considers the favorable chart conditions but identifies possible resistance to immediate advance.

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.

Bitcoin Price Analysis

Time of analysis: 03h56 UTC

BTC-China 1-Hour Chart

a chart showing the price of a stock market

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


The 20-period moving average (green) is approaching the red 200MA for an upside crossover. Unless a concerted sell-off occurs in the coming hours, price will be trading above both the 1-hour 20MA and the 1-hour 200MA. This moving average configuration is bullish and our method suggests opening a long position into the uptrend.

There is one concern: Price is still below the critical $300 / 1800 CNY psych level and the resistance ceiling posed by this level may contain price, if not reject it outright and send trend back into decline.

A previous example of a similar moving averages alignment is circled in the left of the chart. Price had advanced above a 20MA/200MA cross-over, only to reverse from a larger time-frame chart resistance feature, and was soon back in decline.

Our xbt.social method makes provision for this outcome via use of a dynamic stop loss and multiple-timeframe analysis. We can, therefore, open a long position as prescribed by our method’s signal, and get out in good time, and profitably, should trend reverse unexpectedly and turn back down.

Multiple-timeframe analysis will be presented in this morning’s next analysis update [at xbt.social].

Trading is a game of probabilities. You don’t have to be right every time. You just have to follow your rules. – Vadym Graifer


Barring a calamitous sell-off, the Bitcoin price chart will assume a bullish state later today if price can advance above a 20-period moving average and 200-period moving average cross-over. The fact that price is still below the $300 / 1800 CNY psych level poses risk to immediate advance, and possible delay or reversal at this strong resistance ceiling. However, having broken above $300 earlier this month implies a second attempt should succeed. Caution is advised as price re-approaches this level.

Bitfinex orderbook depth and Buy/Sell Volume:

a line graph with different colors and numbers

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

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.


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.