During yesterday’s rally in reaction to the Greek “No” vote, Bitcoin price pushed to the upper 10% envelope of the 1-day 200MA and paused. This little known chart feature, strangely, has halted advance and the question is now whether trade will push higher or turn down from the current levels. xbt.social analysis looks to global markets for clues, as well as technical indications in the Bitcoin price chart.
Bitcoin Price Analysis
Time of analysis: 04h30 UTC
Bitfinex 1-Day Chart
From the analysis pages of xbt.social, earlier today:
Three consecutive waves to higher highs have reached the upper 10% envelope of the 1-day 200MA at $275 and 1700 CNY.
RSI and stochastic divergence has compounded and a move lower can now be expected, perhaps to the level of the 1-day 200MA at