Bitcoin price is reattempting a move higher but the progress is slow and both technical and sentiment analysis shows a bearish mood in the chart.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Yesterday’s technical analysis concluded that the outlook for bitcoin price is bearish while it fails to break above the prevailing resistance ceiling (blue down-sloping line in the chart). Ongoing analysis is informed by the position of price in relaiton to this ceiling: if the market can successfully trade price above it, we can expect continuing advance. As long as price remains below it, we can expect another series of lower lows.
Mood analysis also biases the outlook to continuing decline. The Bitcoin ecosystem is engaged in infighting and discord.