Bitcoin Price Analysis: Constricted Price Slump

Bitcoin Price Analysis: Constricted Price Slump

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Bitcoin price continues holding a sideways course since the $550 high. Advance to $600 should be next but bull-headed buying into bearish technical conditions prevents the current price correction from completing, thereby, also delaying advance.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

Bitfinex 1-Hour Candle Chart


From the analysis pages of, earlier today:

Price is tending lower but we’re not seeing a uniform combination of sell signals across exchange charts.

Additionally, the local support level (blue) around $520 in the Bitfinex chart may prevent decline to the 1hr 200MA (red) near $510, so the recommendation is not to take the sell trade at this time.

Strong buying is preventing decline at

Read more ... source: TheBitcoinNews

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