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BTC price at press time: US$232.02
Last week’s article began with:
“So far the US$220 support level has held, but price has not been able to move to the upside. It looks like it’s consolidating below that ~US$231 level and has been mentioned before the 50 day estimated moving average, which is now ~US$233. The US$220 mark is now providing support. If this doesn’t hold, then the big support area of ~US$210 better.”
The US$220 held but price continues to consolidate below the 50-day EMA, it made a dash for US$235 but has rejected it and now sits below the 50 day which is at ~US$233.
The 1-year (long term) chart for bitcoin has been and remains bearish. The price remains below all three of its EMAs. All three EMAs are tight, particularly the 50 (US ~$233) 100 (~US$244) days as they continue to compress. The Bollinger Bands are tightening again as price remains right below the 50 day EMA. It looks as though volatility may start picking up soon.
The Relative Strength Index (RSI) appears to have topped out yet again at that 54 level now putting it what looks like a quintuple top.