Bitcoin price remains in a consolidation range. The converging support and resistance levels are closing in on the area of price action and the market has only a few weeks before the triangle apex forces a trend direction.
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Bitcoin Price Analysis
Time of analysis: 12h00 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
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BTC/USD prices quoted below are derived from the Bitstamp chart.
Bitcoin price declined to its 1-hour 200-period moving average (200MA, red) yesterday and then returned to its prior level of $422 during Friday’s Asian and European trading sessions.
Yesterday’s analysis remarked that the current declining pattern resembles previous initial waves into decline but that it lacks amplitude. Today’s advancing wave could therefore be a correction prior to a decline to $410. Or, if price pushes to a new local high (above $424 and 2750 CNY) then there could be an additional advancing wave to $432 – the long-term resistance ceiling.
Long-term support remains at $410 and any break below this level implies a larger decline. Above $432, similarly, implies that a larger advance is underway.
Summary
Bitcoin price continues a winding path through a multi-month consolidation that should, eventually, culminate in a large trending move. The corrective pattern has bounds at $432 and $410 in the reference Bitstamp chart – the levels we watch for a potential trending breakout.
Bitfinex Depth Chart and Buy/Sell Volume
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Disclaimer
The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.
Bitcoin price charts from TradingView.
Image from Shutterstock.
