Bitcoin price has fallen back to consolidating above the 4-hour 200-period moving average. The market direction from the current position of price action is not well indicated in the chart, and analysis looks for some clues.
Bitcoin Price Analysis
Time of analysis: 13h22 UTC
Bitfinex 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
The 4-hour Bitfinex chart shows price consolidating on top of the red 200MA that has offered support since Monday.
The present chart configuration has price and the green 20-period moving average in proximity to the 200MA and, as highlighted in the left of the chart, should both break below the 200MA we can expect further decline to support.
Major existing horizontal support is annotated in grey the two closest levels below price are near $265 and $250.
Should the 200MA support hold then price has range to move to resistance just below $300. Monday’s analysis warned that a push to $300 from the current wave position may not