Bitcoin price is trending higher and the bulls may have found their nads. It’s a speculative certainty that they will eventually break through resistance and strike out for $500, but will it be this time?
Bitcoin Price Analysis
Time of analysis: 13h00 UTC
BTCC 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Tempting as the past two days’ upward curving price wave looks, now would be the wrong time to go long.
Price is reaching its 4hr 200MA in some exchanges and both the 4hr and 1hr chart show RSI reverse divergence. Note in the BTCC chart, above, how the 4hr 200MA (red) was abandoned with glee on Monday.
The upward surge may continue, but the indications are that at least a correction is due – if not full-blown reversal back into decline.