Bitcoin price is hitting upside resistance and the sense is that bitcoin wants to follow its primary valuator – the US dollar – in a rally. There is reason to refrain from trading right now, as the chart technicals show risk to the upside.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
BTCC 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Price launched higher, today, but hit an overhead resistance layer that has seen two recent reversals. This has been the reason for no xbt.social Trade Recommendation being issued yet – the market should first resolve this area of contention before price can proceed.
The 4-hour BTCC chart shows the indicator dynamics at this level. Notice that the momentum indicators are drawing to their oversold indication on the recent pushes higher.
We have plenty of time to get a reliable and clear signal. If price were to just advance above this resistance layer today, there are still question marks whether to