Bitcoin Price Advancing To Recent Top
Bitcoin price has surged higher after a protracted consolidation below 2900 CNY and $440. Technical analysis of the price chart identifies some advance targets. It is difficult to ascribe reasons or causes for today’s surge. According to the most immediate risk event – the potential XT hardfork on 11 January – today’s move could be judged premature. It is also easy to point to this week’s China stock market crash and say that investor fear, compounded by a government imposed stocks selling ban, is driving funds into bitcoin. However, we cannot be sure that this is the only or main dynamic....
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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 has been ticking sideways in a narrow range for days. The more time passes the more uncertain the next move becomes. These are market conditions that should not be traded, and for those that must, namely CoinCompetition entrants, its no mean feat. 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: 16h57 UTC. Bitfinex 1-Hour Chart. From the analysis pages of xbt.social, earlier today: The advancing wave in the center of the....
The Bitcoin price appears to be hanging precariously on the edge of a cliff. However, the failure to decline from current levels strengthens the case that a move up is due. Update. Time of analysis update: 19h35 UTC. A strong surge to the upside is approaching the 1.618 target at $398. The structure of the advancing wave is unusual and it will be interesting to see how it develops. The momentum of the advancing wave implies it will advance beyond the 1.618 Fib extension - if not today, then after a retracement. A resumption of the larger decline seems unlikely today. Bitstamp 15-Minute....
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....