Bitcoin Price Analysis: Consolidation Before Break-Out
The Bitstamp exchange chart's Bitcoin trading range has narrowed to between $471 and $478. This $7 range has been in effect for almost 36 hours and is a sign that a market consolidation is underway. Update 16h30 UTC. This update was posted after publication of the main article which continues below. Price has launched out of the consolidation area after a gentle start. As described below, trade has paused at the weekly pivot level near $492 and should move sideways-to-down while the market mulls its next move. $493 is the current level of the 200-period moving average and trade breaking....
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