Bitcoin price is consolidating above $425 and 2800 CNY.
Time of analysis: 16h00 UTC
From the analysis pages of xbt.social, earlier today:
Although the 4-hour chart is, technically, turning bearish there is no well defined xbt.social sell signal in either the 4-hour or 1-hour chart.
Based on the two grey trendlines defining upper and lower range boundaries, we may get a period of sideways movement – ranging between the bottom boundary and the resistance ceiling.
The first wave down from the 8th January high was complex. A typical B-wave then set up the price drop and the last wave down is not as complex as the first wave down from the 8 January high. For this reason additional lows seem likely: if only to complete the downward C-wave with a final 5th subwave.
The 1hr MAs are not indicating any specific direction, but the 1hr momentum indicators imply reverse divergence to the upside so another downside wave may unfold at some time in the coming days.
Best to sit out of the sideways correction and preserve account funds for when a clear trade signal emerges.
What do readers think? Please comment below.
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Bitcoin price charts from TradingView.
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