Bitcoin price has been traded up in a mild fever during the latter part of today’s market action. Is this a good place to join a potential uptrend? The chart technicals don’t suggest ongoing advance into a profitable advance.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price is hovering close to its local consolidation level near $650-$640 as it is drawn to a trendline apex at 25 July.
Overhead, are the 200MA (red) and the $680 resistance layer. Buyers could pile in and surmount both these levels, but doing so too quickly creates the risk of profit-taking drawing price lower.
The stochastics (top) have fallen away from their overbought grouping and will seek to group at minimum before a surge can lift price out of the consolidation zone. At least, this is pattern evident in the chart and it