Bitcoin price rallied, today, at the start of the Asia-Pacific session. The initial push was strongest and has since waned as price approaches resistance.
Bitcoin Price Analysis
Time of analysis: 15h31 UTC
BTC-China 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
To the upside, we have the 4-hour 800MA (purple).
If BTC-China and Huobi can push above their 1-day 200MA then the 4-hour 800MA becomes a target at its intersection with the rising grey trendline. Since the upside exuberance is being led by BTC-China and Huobi, let’s keep an eye, specifically, on their behaviour around the 1-day 200MA.
To the downside we have an MA buy signal in the smaller timeframe charts and below that a support level around $220 that stands at the gates of a sell-off. It must be pointed out that we have been in a choppy correction since late August and it is usually our xbt.social rule not to trade corrections. The price action during