Bitcoin Consolidation Continues
Bitcoin has been held back by the same arc of resistance now for the past 4 days. Readers of my last column will recall that 2 days ago I posted a chart which demonstrated that the 2 arc of the 5th pair was resisting. Though I have hypothesized that an eventual close above the arc is likely in the cards, that arc has not been defeated by the bulls yet. Here is a close-up of this 8-hour chart, so you can more easily see how the 2nd arc has been the key resistance for 4 days now: So, will we see higher highs in the days to come? I continue to believe so, but we still don’t have a buy signal....
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Bitcoin price continues trading into a narrowing range and the market seems to have foregone decline in favor of consolidation. The consolidation floor and expectations going forward are discussed below. Yesterday’s analysis stated that, barring a bullish resurgence, the 1-hour chart stochastics imply bearish bias. The hope was expressed that, if decline sets in, it will be contained above $500. Well, today’s chart saw price decline according to the stochastic indication and, additionally, it appears that the correction since the June high has reached a consolidation floor at Bitstamp $600....
Although we are experiencing stagnation, there are indications that it may be coming to an end.
Bitcoin is still struggling to break out of the cage that is the $40K-$44K price range. Reaching this level has not been the problem for the digital asset, but successfully breaking above it and maintaining consistent momentum above the $45,000 price point has been the biggest hurdle. Consolidation continues to be the name of the game. But how soon will this come to an end? Bitcoin Is Still Consolidating Bitcoin has continued to consolidate in recent times. It had broken through $40,000 three times already in the first two months of 2022 and the recent break above this point marks the....
Bitcoin price continues slumping as the smaller timeframe chart indicators continue to swing wildly. The chart signals are mixed. The 1hr chart’s indicators have become meaningless as the range of price narrows during apparent ongoing consolidation. The 1hr chart is, therefore, not anything to go by. At the 4hr timeframe (above) we’ve just had a series of five advancing waves fall away from yesterday’s high. Price is still below the 4hr 200MA (at the red arrow) and the 4hr stochastics (top, blue circle) are falling away from their maximum. A low will, conceivably, only be struck when the....
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....