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Bitcoin price is trading into a narrowing range and the market will soon be forced to choose a direction. Upside options are limited while the long-term indicators return to neutral, and if the outcome is decline, it will hopefully be contained above $500.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
1-Hour MACD (panel above price) is consolidating to zero with its Bollinger Bands contracting, indicating the low volatility quiet that usually precedes a directional price move.
Price has held below the 1-hour candle chart’s 200MA (red) since coming down from the rally top. During the past day the market has