Bitcoin value is holding price above support near $275 and attempts to sell price down have been foiled by strong buying support. Analysis considers market psychology at the current juncture in the chart, as well as potential outcomes.
Bitcoin Price Analysis
Time of analysis: 06h43 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The 1-day 20MA is currently located at $274.80 in the Bitstamp chart and there is strong buying support, since price is not getting more than a few pips below $276 (Bitstamp).
For now it looks like the support is holding. If it refuses to give way – and the market cannot get below it – then the only option for traders is to buy. But the market could have done this already… so, there