Bitcoin Price Consolidating At $640

Bitcoin Price Consolidating At $640

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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.

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Bitcoin Price Analysis

Time of analysis: 13h00 UTC

Bitstamp 1-Hour Candle Chart


From the analysis pages of, 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.


Read more ... source: TheBitcoinNews

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