Bitcoin Price Advance Picks Up The Pace
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....
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Bitcoin price trend remains up. Advance should retake $630 in the coming days, but a correction may precede a push higher. Price continues pushing higher above its 200-period moving average in the 4hour candle chart (red). The chart is primarily bullish since we see the stochastics rising from oversold (magenta circle, top-right), but an ambiguous indication warns of potential downside as they’re flashing a red divergence dot. This represents a downside risk that traders should be prepared for: price may correct down to the 200MA near $587 before resuming advance. If price can push above....
Bitcoin price achieved $450 (Bitstamp) and 2900 CNY (BTCC) overnight. Since then price has entered a pullback that appears incomplete at the time of writing. A strange advance that is not yet surging above the long-term resistance it has just broken (grey trendline). The expectation was that the slow push higher would turn parabolic on the successful push through resistance at $430 (Bitstamp). In the 4-hour timeframe, RSI is reverse diverging to the December high and the advance must now push through a supply level that has been in effect since November of last year. Although the slow....
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....
Bitcoin price continues correcting as the prospect of advance dawns on the market. The general hesitancy to join trend is understandable given this chart’s perverse tendency to fake-out on apparent trending moves. The melodrama of decline in the Chinese exchanges has proven to be just that – every time. They cannot sell lower because there is nothing for the bears down there. The potential reversal at $630 looms but seems less likely as 1day MACD crosses above its zero line at the time of writing. Yet, the situation remains: price advance is constrained by the $630 level and the MACD....
Bitcoin price has pulled lower into its consolidation zone. Although today has potentially bearish bias due to a full moon, there are indications and parameters that could see the advance pick up its pace. Not sure what we’re witnessing in the chart… according to our consistent xbt.social signalling method, the currently declining wave is most likely corrective and we do not seek to trade it. Hopefully, it can complete the ongoing correction so we can progress to the next advancing wave and see some clear and meaningful signals in the chart. An apparent advancing channel (blue parallel....