Bitcoin trading has brought price back up to the previous resistance ceiling near $330 and 2100 CNY. The chart is inconclusive and until we see the market take direction the sideways consolidation may continue.
Bitcoin Price Analysis
Time of analysis: 12h15 UTC
BTCC 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Continuing sideways consolidation – apparently around the diagonal grey trendline – prevents price from moving very far in either direction.
The grey diagonal, incidentally, is a Fib line that originates at the January 2015 low near 900 CNY in the BTCC chart. That price action is still being influence by this Fib line, 10 months later, is significant and we’ll keep an eye on the Fib line’s companions for potential upside and downside targets. However, at the moment, they