Bitcoin trading has been tracing a price path of higher lows and lower highs for the past 4 months. The narrowing price action will eventually approach an apex. This report provides a forward view.
Bitcoin Trading and Price Analysis
Time of analysis: 13h00 UTC
Bitfinex 1-Day Chart
From the analysis pages of xbt.social, earlier today:
We have been witnessing increasingly strange orderbooks and odd-lotter market behavior. Both buyers and sellers place buy orders below the rising trendline, but at the resistance ceiling the buyers lose conviction and the sellers regain dominance.
The approaching juncture will force the bulls to become active buyers in the market, or else witness price drop irretrievably below rising support. The sellers, equally, will have no choice but to capitulate, else they must change their outlook to