Bitcoin Analysis: Week of Nov 2 (Intro to Stochastics)
In last week’s post we concluded with the following statement: We are as neutral across the board as can be, with the Long-term chart looking borderline Bearish once again. What looked like a great buying opportunity and continuation of momentum from early October has fizzled away. There are definitely positives to point to in that the demand in early October was something we have not seen in 6 months and if we turn right here at these US$330-340 support levels we should have established that textbook higher low that we were hopping for prior to the move up to US$420. The ideal course of....
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The recent failed attempt on $300, followed by decline back to support, implies that Bitcoin trading has abandoned immediate advance and will meander - perhaps lower - before trying to advance the price again. This analysis is provided by xbt.social with a 9 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 05h26 UTC. Bitstamp 4-Hour Chart. From the analysis pages of xbt.social, earlier today: The 4-hour chart indicators show that the recent decline has become oversold. MACD has turned....
Bitcoin price has been bouncing along the $330 and 2100 CNY level for days. The benefits of bitcoin advance far outweigh those of decline, but a cynical sell-off seems to be opting for the worse of two options. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 15h49 UTC. OKCoin-CNY 15-Minute Chart. From the analysis pages of xbt.social, earlier today: The OKCoin CNY exchange is visibly leading the decline and its 15-minute chart, above,....
Bitcoin price continues trading above support as 4,000 CNY and $600 holds. Slowing price action implies an imminent ramp-up in volatility, yet technical analysis suggests traders wait for additional consolidation. A bullish price pattern in the 1hr chart may be setting up a surge, however, a look at the 1day chart (above) shows that the indicators are not typically aligned for a strong wave of advance. Horizontal bars show the indicator configuration typically seen at the start of large waves of advance: price is above its 1day 200MA (red). Notice the position of MACD above its zero line....
Another day and another overhead Fib line achieved in the persistent bitcoin price rally. Price has fallen back just below $500 and 3300 CNY, and looks certain to continue higher in the coming days. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 16h18 UTC. BTC-China 1-Hour Chart. From the analysis pages of xbt.social, earlier today: The indicator divergence is stupendous - have a look at the stochastics (second from top) flashing red....
In last week’s post we concluded with the following statement: Now that the price has reached our support target of US$500-530 zone where do we stand now? Lets take a look at the weekly chart. “The odds, however, favor more downside back to the base of the triangle at US$560 and breaking below that should take us down into the US$500-530 zone where the Fibonacci’s will have a chance to create a healthy reversal.” The comment on the 61.8% Fibonacci retracement has been changed to indicate we have reached this critical support point. An additional trend line has been added that uses the....