Bitcoin trading pushed price to a potential breakout, overnight, but failed to advance price above critical resistance. A potential tipping point into further decline awaits below – can the bulls get it together to re-ignite the rally?
Bitcoin Trading Price Analysis
Time of analysis: 15h59 UTC
BTC-China 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Price remains capped, overhead, by the 4-hour green 20-period moving average (20MA).
The market let pass an opportunity, earlier in the day, to break above the 20MA into the clear indicator space to $400 and 2600 CNY.
Meanwhile the 200MA (red) lies close below and the 20MA is approaching it at a fairly steep angle of decent. Remaining below the 20MA, price could soon get sucked under the 200MA as the 20MA makes a