Bitcoin Price Consolidating At $640

Bitcoin Price Consolidating At $640

Advertised sites are not endorsed by us. They may be unsafe, untrustworthy, or illegal in your jurisdiction.

Bitcoin price has spent another day in the vicinity of its consolidation pivot level of $640 (Bitstamp). Consolidation leads to break-out, but traders are advised to mind the possibility of a fake-out.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now.

Bitcoin Price Analysis

Time of analysis: 13h00 UTC

Bitstamp 1-Hour Candle Chart

Selection_20160711_003

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

The horizontal magenta line shows the $640 (Bitstamp) level around which price has been oscillating for the past two weeks. Any move below is quickly bought back up to $640 and any advance above, eventually returned to this level. Even the downward spike, a few blocks before the halving event, had targeted $640 – overshot and snapped back to it.

At the time of writing, price is just $640, below its 1hr 200MA (red) and, according to the stochastics (top), still declining. A look at the MACD indicator shows Bollinger Band compression and reveals the consolidating dynamic of price action.

That

Read more ... source: TheBitcoinNews

News from Darknet

NO COMMENTS

Read previous post:
Why bitcoin is on the verge of a breakout: In one chart

This year has been a strong period for bitcoin bulls, as the price of the digital currency has climbed to...

Close