Bitcoin Price Advancing From Critical Support
Bitcoin price has advanced from the low in five clear waves and is above the contention levels 1500 CNY and $243. Also, elsewhere in CCN today, xbt.social announces unprecedented gains in its first six weeks of trading. 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 Value and Price Analysis. Time of analysis: 18h45 UTC. BTC-China 15-Minute Chart. From the analysis pages of xbt.social, earlier today: The 15-minute BTC-China chart is shown in a zoomed out view to show....
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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....
A relief bounce in the Bitcoin market Thursday did little in offsetting its prevailing correction bias as its price slipped inside a critical support area.
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....