Bitcoin trade bought price up from a low of $272 and 1660 CNY yesterday. At the current level near $280 and 1720 CNY price is in an indeterminable state of trend. Analysis looks for direction and an action plan for taking a position in the market.
Bitcoin Price Analysis
Time of analysis: 05h52 UTC
Bitfinex 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Price has bounced from the low and maintains altitude.
The 4-hour Bitfinex chart shows price in an awkward “hanging” state – above the red 200MA (longer-term bullish), but below the green 20MA (short-term bearish).
The MACD indicator (bottom) had formed reverse divergence to the very bottom of the previous low and this is, typically, a sign that reversal to the upside is due. RSI (second panel from