Bitcoin Price Shows Market Caution

Bitcoin Price Shows Market Caution

Bitcoin price has lost direction. Ordinarily, this kind of price action can be described as merely corrective, but the chart shows several months of lower lows and, now again, a lower high.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

Bitstamp 4-Hour Chart

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From the analysis pages of xbt.social, earlier today:

Price action seems conflicted, as the bulls managed a general push higher over the past few days, but long candle wicks to the downside betray the presence of the bears.

The indicators give no clear signal of the next likely price move, as both RSI (second from top) and MACD (immediately above price) hold to the middle of their ranges.

A bullish sign would be for the market to trade price above the 4hr 20-period moving average (green), which will lift MACD above

Read more ... source: TheBitcoinNews

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