Bitcoin price has pulled lower into its consolidation zone. Although today has potentially bearish bias due to a full moon, there are indications and parameters that could see the advance pick up its pace.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitfinex 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Not sure what we’re witnessing in the chart… according to our consistent xbt.social signalling method, the currently declining wave is most likely corrective and we do not seek to trade it. Hopefully, it can complete the ongoing correction so we can progress to the next advancing wave and see some clear and meaningful signals in the chart.
An apparent advancing channel (blue parallel trendlines) did not have its upper boundary touched by the most recent upward wave – disrupted by resistance at $680 – and now the channel’s lower trendline is being tested. This could be a prelude