Bitcoin price has returned to its recent resistance ceiling where large sell orders have halted additional advance.
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
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.
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.
What do readers think? Please comment below.
Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.
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.
Last modified (UTC): December 24, 2015 17:55