Bitcoin price has spent the past 24 hours in a corrective price pattern below $410 (Bitstamp). Large buy orders wait passively below $404, but bearish chart bias implies the sellers could simply consume them, as had been the case during the past week.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The 1hr chart contains several indications:
1) MACD (panel immediately above price) is moving toward its zero line, implying another push higher. However, bear in mind that the MACD formula returns to zero even when price only moves sideways, so another high is not guaranteed. Traders should be prepared for the possibility with an eye to taking profit.
2) The stochastics (top panel) are ascending to their upper extreme – an