Bitcoin Price Advance Starts Small

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....

A small energetic bitcoin price wave has developed to the upside in today's chart. It initially appeared to be an upward correction prior to the next wave down, however, its angle of ascent is more characteristic of advance. 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: 16h21 UTC. Bitfinex 15-Minute Chart. Why The Preference For BTC-China Charts In Analysis? From the analysis pages of xbt.social, earlier today: Scanning the chart one....

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 pushed higher in a small advancing wave today, Although the price wave resembles the initial stages of advance, there is not yet high confidence that the push higher will continue. The rounded price wave that formed during the past two days (blue rectangle) had dipped lower and the market advanced price from the top of the support zone (at $650, Bitstamp), as illustrated in yesterday’s analysis post. Today’s upside wave has been conflicted – lots of buying and selling (in low volume) – and with no meaningful progress. What is interesting about the current price wave is that....