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.
Bitcoin Price Analysis
Time of analysis: 14h30 UTC
Huobi 1-Hour Chart
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.
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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Bitcoin price charts from TradingView.
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