Bitcoin Price Correction - Advance on Hold

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....

The bitcoin price held above $660 (Bitstamp) today, as the market stays in flux. Another declining wave seems due, but it is unsure whether this will unfold sooner rather than later. Price has held at the $660 level overnight and the market may attempt to hold this level. However, looking at the blue annotations on the left of the chart we can see that an eventual return to the 4hr 200MA (red) is inevitable. Whether the market continues selling off now, or first puts in an upward correction, remains to be seen. A resumption of the sell-off should see price target the $600 level near the....