Bitcoin price meanders – seemingly without aim – as volume continues shrinking. Markets sometimes experience the doldrums and this seems to be it. Remain focused, however, since such periods typically precede sudden large moves.
Bitcoin Price Analysis
Time of analysis: 13h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price continues dithering above $450 (Bitstamp) as the larger timeframes (1-week, 1-day) lose upward momentum.
Price has spent the past 3 weeks contracting in range while forming higher lows and lower highs.
The long-term prospect remains for advance, and the intermediate outlook for decline to support – especially, given the slumping 1-day indicators.
In the meantime, we wait for the market to doodle out its lack of conviction between seemingly unsurmountable upside resistance at $470 and rising support now cutting through $450.
Bitcoin price’s range continues narrowing as the market progressively trades price into the high-pressure corner of a contracting wedge. The upper boundary runs horizontally across the past 5 months’ highs near $470 (Bitstamp). Several rising trendlines – some recent and some dating back to April 2013 – provide a support from below. The technical analysis outlook remains that price will most likely unfold a downward correction before scaling $470 and $500 in the characteristic high-volume, fast-paced bitcoin rally the market likes to see.
Bitfinex Depth Chart and Buy/Sell Volume
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Bitcoin price charts from TradingView.
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