Bitcoin price returned to a central line of advance, after temporarily dropping below it over the weekend. The price action now unfolding in the chart is characteristic of previous consolidative periods.
Bitcoin Price Analysis
Time of analysis: 14h39 UTC
BTCC 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Price had fallen towards $300 and then promptly returned to its previous trading range at $330 and 2100 CNY.
The two diagonal lines along which price has been trading are Fibonacci fan lines that originate at the January and August 2015 lows. The red Fib line had been a central pivot to the recent rally, so price returning to it is an acknowledgment of its continuing significance.
This alternation between established price levels is characteristic of the price action we had witnessed in early