Bitcoin price continued on Sunday as it had done on Saturday: quiet trade in a $4 range. Today’s price action seems to be coiling up for a larger move.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Another quiet day in the bitcoin price chart with price hugging the 200-hour moving average.
Volume remains low but the additional onset of low volatility within a narrow price range gives the impression that a larger move is building pressure in the chart.
Longer term constraints remain $449 (Bitstamp) and the horizontal resistance zone up to $470.
The price action since Thursday 12th April resembles a base pattern and a Fib extension tool shows its primary target (at 2.618) to fall exactly at the upper resistance level of