Bitcoin price continued sideways, today, without making a new high or low. If the market can consolidate and generate pressure for a breakout, we could get a position entry long or short, but in its current meandering state it is difficult to take a position in the market.
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: 16h59 UTC
BTC-China 1-Hour Chart
Also Read:Why The Preference For BTC-China Charts In Analysis?
RelatedNews
From the analysis pages of xbt.social, earlier today:
Price is apparently forming a larger corrective structure. A magenta line shows the potential neckline of a Head & Shoulders pattern that has a target at exactly $210. The market did not seize the opportunity to plunge lower, granted the pattern is not well-formed and is not confirmed by the BTC-China and other exchange charts.
The last move down did not form a new low but caused a new low, for this sideways pattern in RSI: this is reverse divergence, and it has forced a move higher. We’ll give price some more time to show its intentions, but unless a new low can manifest, we may have reason to expect a larger move to the upside.
CoinCompetition: Bitcoin Trading Challenge Series
A partnership between xbt.social, CCN and CoinArch has seen the creation of CoinCompetition, an ongoing series of Bitcoin trading competitions with a 5 BTC prize for the winner. The first competition starts in early May and xbt.social members will certainly be participating.
To register your participation visit CoinCompetition and provide your email address. There is no login process, and further instructions will be communicated (via email from CoinCompetition) before the start of the event in May.
Summary
Bitcoin price is meandering just above $220 and 1375 CNY – the levels that have recently formed a support floor below price. Consolidation is, again, the name of the game and we wait for price to take direction.
Interesting state of the Bitfinex orderbook, where a mass of sell orders are placed all the way to $260 and above, even though price has been descending for over two weeks and contained below $240 for more than half that time. Is the market expecting a sharp move higher?
Click here for the CCN interactive 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.
Disclaimer
The writer trades Bitcoin. Trade and Investment is risky. CCN accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.
Bitcoin price charts from TradingView.
Images from Shutterstock.
