Bitcoin price looked to be curving into advance today, but analysis shows the move is spent and must first pull back if it is to continue higher. Meanwhile, crucial support could be tested in the coming hours and days.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitfinex 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
The technical picture, earlier today [at xbt.social], suggested that price would make its way to the 4hr 200-period moving average (200MA, red) and this condition has now been fulfilled.
The stochastics (top panel) have reached their upper extreme, MACD (just above price) is touching its upper Bollinger Band, and RSI has reached an overhead trendline that mirrors the trendlines defining the channel that has constrained price for almost two weeks.
The upside resistance is decisive