Bitcoin Price Holds Support Again

Bitcoin Price Holds Support Again

Bitcoin price is showing some recognizable indications in the 4hr chart where price has failed to make new lows and is apparently finding support.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

BTCC 4-Hour Chart

Selection_20160201_002

From the analysis pages of xbt.social, earlier today:

Support is currently holding at an ascending trendline blue) and some familiar technical indications are forming:

1) MACD (top) is compressing to its zero line
2) The stochastics (second from top) are not swinging in their full range despite decisive price moves
3) RSI has not diverged from price once during the past 2 weeks, and the RSI pattern mirrors price wave for wave.

One of three scenarios are now likely:

A) consolidation into a base for advance and then a surge higher
B) A surge higher (without consolidation) and then a gradual advance – such

Read more ... source: TheBitcoinNews

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