Bitcoin price has recovered from sell-off lows at $434 and 2800 CNY today. Can the market bounce price through resistance and continue to new highs? Or has yesterday’s lack of commitment at a critical moment cut bitcoin’s price wings?
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Yesterday’s sell-off caught most bitcoin traders off-guard as the evident course of events was for price to consolidate into the Fed announcement and to then take direction based on the FOMC statement’s content with its major global economic impact. That the bitcoin market fell into a sell-off prior to the event seems strange, but talk about irrationality or manipulation does not help us better assess potential trade opportunities.
At the time of writing price has risen from