Bitcoin price was traded to the prevailing resistance ceiling again, today. This time, it seemed the bulls must challenge an additional obstacle, namely the 4-hour 200MA.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
OKCoin BTC/CNY Spot 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
A clue that the current sideways stint is a correction can be gleaned from the substructure of the waves labeled A,B,C and D. Each wave consists of three subwaves, that can be labeled ‘abc’ and the ‘c’ wave is impulsive in each case – indicating the direction of the correction.
Of course, this structural analysis can equally be applied to advancing waves in the bitcoin chart, but a critical component is lacking in the current chart, namely “higher