Bitcoin price is drawing sideways above $240. This is the level of the 1-hour chart’s 200-period moving average as well as an annual price pivot – a level of support and resistance derived from 2014. Repeated attempts on this level implies that the market wants to trade price into decline.
Bitcoin Price Analysis
Time of analysis: 18h23 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
As can be seen in the 1-hour chart, the conditions of our Trade Recommendation are fulfilled. Price had corrected upwards, the indicators signaled a reversal, and MACD pushed below its signal line, as well as its zero line. In the BTC-China chart, however, MACD is still above the zero line and across all charts the market is dithering after a single red candle.