After analysis had been posted, yesterday, bitcoin trading bought price up in a surge above resistance. Although more upside may be in store there is another upside technical hurdle looming on the horizon.
Bitcoin Trading and Price Analysis
Time of analysis: 15h03 UTC
BTC-China 1-Day Chart
From the analysis pages of xbt.social, earlier today:
The 1-day chart shows that yesterday’s volatile move was technically justified:
MACD (top) has been steadily rising since the late-September low near $220 / 1450 CNY with a major reverse divergence looming but not yet in effect (green arrow, top).
RSI (third from top) had, correctly, indicated a higher high to the previous higher high of price (blue annotation).
In the BTC-China and Huobi charts the green 20MA crossed above the red 200MA and price dutifully pushed higher. This