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Bitcoin Price Battle Near Resistance

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Bitcoin price kept within its corrective range around $425 Bitstamp today. As has become the daily pattern during 2016, the bulls and bears are fighting for dominance and the current wave’s direction.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis

Time of analysis: 14h30 UTC

Huobi 1-Hour Chart

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From the analysis pages of xbt.social, earlier today:

Price has failed to make a higher high after becoming overbought in the 4-hour and 1-hour timeframes. The 1-hour chart featured an unconvincing sell signal earlier today. If it becomes fully formed later and is confirmed in the 15-minute chart, then price should target the lower consolidation range near $413 in the Bitstamp chart.

The USD exchanges had made a secondary low earlier but the CNY exchanges failed to join decline, instead, holding their level above 2750 CNY amidst vigorous buying.

At present the CNY exchanges are pushing higher. If another wave to the upside ignites, it might make a new high above the resistance ceiling and turn the outlook to bullish.

Summary

Our tipping points remain at $432 and $406 in the Bitstamp chart. Watch these levels in the coming days and weeks for a trending breakout.

Bitfinex Depth Chart and Buy/Sell Volume

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Click here for the CCN.LA interactive bitcoin-price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Image from Shutterstock.

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