Bitcoin price remains within the narrow $7 range that has constrained trade during the past four days. Although price is currently declining, there is a strong support level nearby, in the form of the 200-period moving average.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Although price has been crisscrossing the 1-hour chart 20-period moving average (20MA, green), the past day’s upward price pattern appeared corrective. Being corrective (counter-trend) and having failed to make a new high, earlier (xbt.social) analysis proposed that price would eventually continue decline today. This has transpired, but the distance of decline remains is uncertain.
The declining wave has fallen short of the 200MA (red) in most charts, but in the Bitfinex chart, shown above, price had spiked