Bitcoin price fell back from resistance ceiling earlier today as large sell orders loom overhead.
Time of analysis: 14h30 UTC
From the analysis pages of xbt.social, earlier today:
As per the past two days of market action, an early-day bullish 15-minute chart condition catapults price higher, and then profit taking at the resistance ceiling near $460 and $3030 pulls price back to support.
Yesterday, we were pleased that price was trading above its 1-hour 200MA after a bullish cross-over of the 20MA to above the 200MA. With little indicator signaling price has dropped back below the 20MA but holds above the 200MA. So, the 1-hour chart is not a strongly bullish, but it is not bearish either.
Bitcoin price has fallen away from its previous highs, but only moderately. The move may be part of a larger consolidation, but if price can hold above the 1-hour 200MA then advance to a new high is possible. The alternative, below the 1-hour 200MA, is that price returns to the $430s and low 2900 CNY levels before advance resumes into the new year.
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