Bitcoin price attempted another shot at the 4-hour chart 200-period moving average today without success. The market lacks conviction and price should draw lower as a result.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Typical indicator behavior as per yesterday’s analysis: the price wave approached its top with MACD (top) touching its upper Bollinger Band and the stochastics (second from top) grouped at their upper maximum. Today’s bounce from the 20MA saw the momentum indicators diverge across the board – indicating trend exhaustion. Note how RSI (just above price) had diverged (magenta annotation) from the nominal new price high and forced price back below the green 20MA, thereby, breaking the ascending wave’s short tenure.
Let’s remain patient here. The wave