Bitcoin trading attempted a push to $300, yesterday, but failed short of the target. Bitcoin price is currently declining along with its descending 1-hour 20-period moving average and the support floor may comfort traders after the scary experience.
Bitcoin Price Analysis
Time of analysis: 08h24 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
A lot of pushing and pulling in yesterday’s choppy price action just below $300.
As expected, price is falling away from the area of contention and the price pattern reminds of the mid-March attempt on $300. What is strange is that the market had already surmounted the $300 psych barrier earlier this month, but yesterday’s trade would have you believe pushing to $300 and beyond was an audacious proposition.
Our Sell Trade Recommendation is open and we watch the indicators for signs of potential reversal while we wait for price to sag to the support floor near $287. It may not sink that low, but