Bitcoin Trading: Correction Due Before Advance

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 trading joined gold, today, when it halted advance and tipped into correction. Although not a trading recommendation, just yet, technical indications imply a return to at least the January lows. Yesterday’s contradictory signals eventually folded to the side of the bulls as they pushed the advance $10 higher. The bitcoin price move began after gold breached its long-term upper resistance channel last week, and now that gold is correcting strongly from its $1,260 high, the steady bitcoin advance (as evidenced by the momentum indicators, above) also enters correction. That....

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....

The Bitcoin price correction from the recent high continues and may not yield the quick return to advance we've seen during the past three days. The larger degree correction seems to require more time (as opposed to greater retracement depth) before another leg of advance can begin. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Bitcoin Price Analysis. Time of analysis: 16h12 UTC. Bitfinex 1-Hour Chart. From the analysis pages of xbt.social, earlier today: The move down from the high appears to be an ABC correction that is looking for support....

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....