Bitcoin price has been drawing sideways in a narrowing range for over a week. The market will soon become frustrated with its inability to make new highs or lows, and this is the perfect setup for a strong directional move.

Bitcoin Price Analysis

Price is currently beneath both the 20MA and 200MA in the hourly chart, across exchanges. In the 4-hour and 1-day charts price is trading below the 20MA but above the 200MA, and at all the above mentioned timeframes price is consolidating to the 20MA – forming candles just below it.

Our momentum indicators (RSI and MACD) are positioned in the middle of their ranges in the 1-hour, 4-hour and 1-day charts.

Given all the above conditions we can conclude that there is a price consolidation underway at the larger degree of trend. Whether it will still unfold price swings outside of the last week’s $10 range, remains to be seen and we cannot make confident assumptions about that.

A reiteration of our outlook and trading plan is as follows:


Read more ... source: The Bitcoin Channel

  • Benudhar Sahoo


  • Benudhar Sahoo

    So then Bitcoin will have 3 Choices, 1. To keep raising to over 4 million per Coin 2. Stick to the advice, reduce prices and integrate with another Coin with enough Coins to meet the Demand from the World (like VTA since they are using the same Code Base). 3. To Stand alone and reduce prices to because a currency but be used by just a handful of people.

  • Benudhar Sahoo

    What is it? VirtaCoin is a decentralized crypto-currency, like bitcoin. In fact, it is based on the bitcoin codebase, so it works almost exactly like bitcoin.