Bitcoin price continues hovering around $415 and 2690 CNY. The chart’s technical conditions are primed for a break into either rally or decline.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The 1hr chart shows how, prior to the last advancing wave, price had traded above the 1-hour 200-period moving average (200MA, red). Currently, price is below this MA. The 1hr 200MA continues drawing horizontally.
The Stochastics (top) were descending from their upper maximum but have bounced (without price making a new low) and the stochastics look to be heading up again. Simultaneously, MACD trajectory looked to be pulling momentum below zero, but it had also bounced off its zero line. In the 15-minute chart (not shown) MACD compression implies that a