Bitcoin price is holding above the rising support level near $276. Overhead, price faces some obstacles and may not advance immediately, but a larger advance seems more and more likely – with certain risk caveats, as outlined below.
Bitcoin Price Analysis
Time of analysis: 04h33 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
As discussed in yesterday’s last analysis post, price has not been advancing strongly due to sluggish moving averages following the weekend’s slow downward correction.
Price is holding above the 1-day 20MA support and has advanced above the faster 1-hour MAs since Monday’s low.
The immediate obstacles to advance are a strong horizontal support-and-resistance zone around $280 and the 1-hour 200MA – currently just above $283. The market has had several opportunities to sell-off but which it has chosen not to pursue – the exception being BTC-e (and its frequent spikes) where price visited $150 on Saturday night. Yet, similar to the rest