cryptocoinsnews.com / VENZEN KHAOSAN via xbt.social / 23/07/2015
The Bitcoin price chart is showing signs of a pending move higher. Technical analysis considers the favorable chart conditions but identifies possible resistance to immediate advance.
Bitcoin Price Analysis
From the analysis pages of xbt.social, earlier today:
The 20-period moving average (green) is approaching the red 200MA for an upside crossover. Unless a concerted sell-off occurs in the coming hours, price will be trading above both the 1-hour 20MA and the 1-hour 200MA. This moving average configuration is bullish and our method suggests opening a long position into the uptrend.
There is one concern: Price is still below the critical $300 / 1800 CNY psych level and the resistance ceiling posed by this level may contain price, if not reject it outright and send trend back into decline.