Bitcoin price is drawing sideways above $410. With plenty of volume – both on the buy and the sell side – we can expect that the market will soon choose a direction. Clear support and resistance close to the area of price will give an early indication of trend.
Bitcoin Price Analysis
Time of analysis: 13h00 UTC
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Interesting price action that has drawn sideways for 24 hours and now attempts to push higher toward resistance. It could be that a complex correction is developing, that could seek to target the long-term resistance ceiling (grey).
Alternatively, we might see price reverse at the dark blue trendline, directly above price action, and then sell off. If we see price push above the blue