Bitcoin price looked to be advancing only to bump against the resistance ceiling. How to trade in the coming days (or weeks) is dependent on how the market negotiates $680.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
The decision not to open position – based on the unclear signaling and failure to establish above $680 (Bitstamp) – was prudent.
Remember that, in trading-speak, when we say “establish above $680”, that means the trader wants to see the market open a price candle (1hr in this case) above $680 and also close the candle above $680. This did, in fact, happen at 04h00 UTC today 18 July, but the candle was a Doji (magenta arrow), which implies reversal back down.
The $680 level is significant because it has exerted influence since late 2013.
Let’s remain patient and disciplined, xbt.social – the market