Bitcoin price pushed through an important trendline intersection yesterday but launchpad staff had failed to fuel the tanks. A pop and fizzle is all we got. Traders can sheath their arrows until the next chart signal.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
The halving event had created a sense of optimism that price would rally, and when price pushed above a upside constraining trendline, yesterday, it seemed a new wave to the previous high would erupt. However, all the market could manage was a fake-out to the upside.
The chart technicals were bullish yesterday, but have now lost strength and the outlook, therefore, is for ongoing consolidation.
RSI had exceeded a previous high (magenta arrow) while price only made a lower high (reverse divergence) and MACD had turned down from its upper Bollinger Band as price fell away from