Bitcoin price re-attempted $450 (Bitstamp) and 2900 CNY (BTCC) earlier today.
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
Bitcoin price remains around $450 (Bitstamp) and 2900 CNY after advance halted at these levels yesterday.
Most traders, myself included, expected price to rally parabolically toward $500 after breaking above long-term resistance at $430. Yet, here we see the market grapple with a resistance layer from which it could potentially reverse.
The current advance is happening on low volume and therefore with little institutional participation. During the past few months the market has made upward moves during times of lower liquidity (e.g. weekends) and most of those were quickly retraced. While more buyers could join the move if price pushes above the envelope, and volume increase appropriately, there is a greater chance that price returns to the low $400s.
If price establishes above $450 and 2900 CNY, this would increase confidence in continuation of the rally to $480 and 3000 CNY. Not getting above these resistance levels could open decline back to the low $400s and 2700 CNY. The initial sign of a larger decline would occur when price trades below its 4-hour 20MA (green).
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