Bitcoin price has been trading sideways for almost two days and a move appears imminent. At the time of writing a move has begun, but is it real or is it a fake-out?
Time of analysis: 15h00 UTC
From the analysis pages of xbt.social, earlier today:
In the 1-hour BTCC chart, MACD and RSI have both settled in the middle of their range: MACD (second from top) is holding to its zero line while its Bollinger Bands begin contracting. RSI (immediately above price) has settled on 50 and has begun pushing higher at the time of writing.
Average True Range (top) is declining as it does prior to price making a large move.
It is uncertain which way price is going to break. For now it appears to be pushing higher, but this has (recently) been the prequel to a strong decline. If the move higher is real then the next target should be the 1hour 200MA.
If price slams down then the support at $400 and 2600 CNY should be a target. To the downside the red Fib line could halt decline but price has been criss-crossing it during the past few days.
Bitcoin price seems to be gearing up for a move. The initial concern is that the current rise is only corrective and that price may still reverse into another wave of decline. There is no clear xbt.social signal, so we remain on the sidelines and wait for the market to make clear its intentions.
What do readers think? Please comment below.
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Bitcoin price charts from TradingView.
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