Bitcoin price continues trading above support as 4,000 CNY and $600 holds. Slowing price action implies an imminent ramp-up in volatility, yet technical analysis suggests traders wait for additional consolidation.
Bitcoin Price Analysis
Time of analysis: 12h00 UTC Thursday
Bitstamp 1-Day Candle Chart
From the analysis pages of xbt.social, earlier today:
A bullish price pattern in the 1hr chart may be setting up a surge, however, a look at the 1day chart (above) shows that the indicators are not typically aligned for a strong wave of advance.
Horizontal bars show the indicator configuration typically seen at the start of large waves of advance: price is above its 1day 200MA (red). Notice the position of MACD above its zero line in each case, as well as the