Bitcoin Price Analysis – Holding Steady

Bitcoin Price Analysis – Holding Steady

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The bitcoin price chart has been whip-sawing as buyers eagerly anticipate the next advance, while profit-takers capitulate on each approach of $780 (Bitstamp). Technical analysis finds a repeating pattern and its potential outcome.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

Bitfinex BTC/USD 1-Hour Candle Chart


From the analysis pages of, earlier today:

The 1hr candle Bitfinex chart illustrates the dynamic of price consolidation and MACD compression. MACD compression is evident from its Bollinger Bands.

As annotated in the chart, the Bollinger Bands contract around MACD as price consolidates into a narrowing range. Although MACD tends towards its zero line during price consolidation (decreasing volatility), we can see that during a rally,

Read more ... source: TheBitcoinNews

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