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.
Bitcoin Price Analysis
Time of analysis: 13h00 UTC
Bitstamp 1-Hour Candle Chart
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.