Bitcoin price has returned to its recent resistance ceiling where large sell orders have halted additional advance.
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Bitcoin Trading and Price Analysis
Time of analysis: 14h00 UTC
OKCoin BTC/USD Spot 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
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As remarked yesterday, a bullish 15-minute chart condition had catapulted price higher, but profit taking at the resistance ceiling near $460 and $3030 has prevented additional advance.
With price trading above its 1-hour 200MA and a bullish cross-over of the 20MA to above the 200MA, there is a high probability that the advance may continue, but let’s wait to see price break the resistance ceiling before making a bet on such an outcome.
Summary
Bitcoin price has risen to near its previous highs but the move may be part of a larger consolidation. Either price must hold above the 1-hour 200MA and advance to a new high, or price could drop back to the late December lows from where the real advancing wave will build.
Bitfinex Depth Chart and Buy/Sell Volume
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Disclaimer
The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.
Bitcoin price charts from TradingView.
Image from Shutterstock.
