Bitcoin Price In Narrowing Trading Range

Bitcoin Price In Narrowing Trading Range

Bitcoin price continues drawing sideways in a narrowing range. Will it return to decline?

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Bitcoin Price Analysis

Time of analysis: 15h30 UTC

BTCC 1-Hour Chart

Selection_20160209_006

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

The 1hr chart sell signal will be undeniable when the 20MA (green) crosses below the 200MA (dotted red).

1hr MACD (top) pushed to its upper Bollinger band earlier today, but the indicator’s compression continues and the signal we await will occur when price breaks to the downside and pulls MACD through its lower Bollinger band.

That today’s upside wave is now over, is implied by RSI reverse divergence (blue annotation) – price had made a lower high while RSI made a higher high in relation to the previous swing high.

As mentioned previously, there is a risk that price reverses at (or near) the support

Read more ... source: TheBitcoinNews

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