Bitcoin Price Turn-Around At $420
Bitcoin price attempted another shot at the 4-hour chart 200-period moving average today without success. The market lacks conviction and price should draw lower as a result. Typical indicator behavior as per yesterday’s analysis: the price wave approached its top with MACD (top) touching its upper Bollinger Band and the stochastics (second from top) grouped at their upper maximum. Today’s bounce from the 20MA saw the momentum indicators diverge across the board – indicating trend exhaustion. Note how RSI (just above price) had diverged (magenta annotation) from the nominal new price high....
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