Bitcoin price remains within the narrow $7 range that has constrained trade during the past four days. Although price is currently declining, there is a strong support level nearby, in the form of the 200-period moving average.
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
Although price has been crisscrossing the 1-hour chart 20-period moving average (20MA, green), the past day’s upward price pattern appeared corrective. Being corrective (counter-trend) and having failed to make a new high, earlier (xbt.social) analysis proposed that price would eventually continue decline today. This has transpired, but the distance of decline that remains is uncertain.
The declining wave has fallen short of the 200MA (red) in most charts, but in the Bitfinex chart, shown above, price had spiked down to the 200MA and then pulled back. The 200MA at $413 is the critical level below which confidence of continuing decline will strengthen.
Failure to breach the 200MA may result in a slow sideways grind below $420. So, in order to get some tradeable range, let’s hope the bears can take control, because the bulls have only managed lower highs for the past 3 weeks.
Bitcoin price had made a fourth lower high for March earlier today. The market is now trading price lower from over-bought indicator conditions but must get below the $413 (Bitfinex) level before decline can proceed.
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Bitcoin price charts from TradingView.
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