The 1-day Bitcoin price chart is looking more bullish every week, yet there are some immediate technical influences at smaller timeframes that are affecting price. Technical analysis looks at a bearish influence in the 4-hour chart that is presently pushing price down.
Bitcoin Price Analysis
Time of analysis: 05h38 UTC
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
The lower high in the middle of the chart had run to a natural conclusion in relation to price action off to the left of the chart (not shown). Price action then corrected downwards until reverse divergence halted decline – annotated in magenta.
Another advancing pushed to a new high and it, too, concluded as a result of indicator regular divergence to the immediately prior price high. Correction followed,