Bitcoin Price Correction - Advance on Hold
As alerted in an update following publication of yesterday's analysis, bearish pressure has pulled the Bitcoin price into a deeper correction. The advance is on hold pending ongoing price correction. Most markets including Gold and equities are engaged in sudden counter-trend price movement - a condition that seems temporary. Note: a new BitFinex Bitcoin price chart and trade metrics are now available via CCN. Global Economy. Bitcoin Price Correction. Summary. Comments. Global Economy. Many strong reversals are evident across the board in the past 48 hours. The Gold price dropped to $1,227....
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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....
The bitcoin price chart surged higher over the weekend as bullish trade easily scaled the order books during low liquidity. The $100 distance from $580 to $680 (Bitstamp) was easily achieved within 48 hours. Technical analysis shows more advance is in store. A steady untiring wave of advance has propelled bitcoin price to the $680 zone where the advance has slowed, although not stopped in many exchange charts. At the time of writing the CNY exchange charts are bobbing above 4700 CNY; the popular USD exchanges hold around $680 (after attempting $700 earlier today) and the OKCoin September....
Bitcoin price advance accelerated today and pushed to $400 (Bitstamp) and 2740 CNY. Although a price correction is overdue, the advance is relentless. Pushing above the significant resistance identified in yesterday’s analysis, the price pattern’s wave count has been revised from an ABCDE structure to a simpler ABC correction. The OKCoin BTC/CNY chart shows the contradictory signals that have characterized the past two weeks: 1) The last wave top has hit multiple Fib extension targets – this implies that a deeper correction (or reversal) should now set in. 2) The fact that the advance has....
Bitcoin price surges higher but remains within the area of the recent correction. Technical analysis looks at levels and confirmation of advance. Price has surged higher from its 1-hour 20-period moving average (20MA). Although this could very well be the start of the next wave of advance toward upside targets at $600 and $680, there are two concerns that warrant caution: 1) The small parabolic wave of the past few hours typically characterizes the ending of a surging move. 2) Price has not yet left the area of recent correction (blue rectangle). Given the above, price may continue....
Bitcoin price achieved a new high for this year, last week. The correction over the weekend looked to be a potential reversal of the uptrend, but after a relatively shallow retracement the uptrend appears to have resumed. 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: 16h22 UTC. BTC-China 1-Hour Chart. From the analysis pages of xbt.social, earlier today: Judging by previous corrections during this advance, once price climbs to the....