Bitcoin Price Advancing From Critical Support

Bitcoin price is holding to a previous chart structure after finding support near 2900 CNY and $440. The 1hr 200MA has provided the support discussed in yesterday’s analysis. Currently price is holding an advancing line around the advancing Fib line that has defined price action for the past several weeks. Although the chart looks to be advancing we await a Buy signal before opening any position in the chart.

Bitcoin price continued advancing strongly and cleared $500 with minimal effort yesterday. Sunday trade has been mostly corrective, but there is no strong sign that the advance is over. Bitcoin price has advanced beyond $500 across all exchanges and we now expect price to make its way toward $550 and react to this strong support and resistance level. The current level of price, just below $525 (blue horizontal line), had acted as support and resistance during 2013 and 2014. We could, therefore, expect the market to grapple with this level before advancing to $550 (orange). Like most price....

Bitcoin price made a full retracement of the week’s advance and seems to be finding support at the base of the prior advance. By late yesterday, price had returned to the level from which this week’s advance had launched. Just prior to this report, the market again again tested this level at 2500 CNY and $380 ($375 in some exchange charts). Without acting on such anticipation, we might see a reversal here – back to a temporary advance and later returning to this very same level being established as a new support floor near $380 and 2500 CNY. The price pattern is reminiscent of a similar....

The recent crypto market downturn triggered a sharp decline in the Dogecoin price that saw it erase its gains from prior days. However, this move has also exposed a critical level that the cryptocurrency must hold if there is to be any hope of a recovery. As with any critical support level, holding above it […]

Bitcoin price was traded to the prevailing resistance ceiling again, today. This time, it seemed the bulls must challenge an additional obstacle, namely the 4-hour 200MA. A clue that the current sideways stint is a correction can be gleaned from the substructure of the waves labeled A,B,C and D. Each wave consists of three subwaves, that can be labeled ‘abc’ and the ‘c’ wave is impulsive in each case – indicating the direction of the correction. Of course, this structural analysis can equally be applied to advancing waves in the bitcoin chart, but a critical component is lacking in the....