Bitcoin price was eagerly traded to the upside today in wave that now appears to have topped out just below long-term overhead resistance. Upward continuation will break resistance and herald a rally, but so far it looks like price is falling back into the consolidation range.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
OKCoin 3Month Futures 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Very frustrating price action. When you think it won’t it does. When you think it will it doesn’t. And in either case analysis seems to hit and miss randomly through the corrective variation.
The present pattern labeled “3” in the chart above, so far looks like a smaller variation of the preceding patterns labeled “1” and “2”.
The intervening pattern between “2” and “3” presents a challenge.