Bitcoin price re-attempted $450 (Bitstamp) and 2900 CNY (BTCC) earlier today.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price remains around $450 (Bitstamp) and 2900 CNY after advance halted at these levels yesterday.
Most traders, myself included, expected price to rally parabolically toward $500 after breaking above long-term resistance at $430. Yet, here we see the market grapple with a resistance layer from which it could potentially reverse.
The current advance is happening on low volume and therefore with little institutional participation. During the past few months the market has made upward moves during times of lower liquidity (e.g. weekends) and most of those were quickly retraced. While more buyers could join the move if price pushes above the envelope, and volume increase