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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.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitfinex BTC/USD 1-Hour Candle Chart
From the analysis pages of xbt.social, 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,