Bitcoin Price Advance Pauses - $300 Remains a Target
Bitcoin price was sold off after a local wave high was made to a 4.618 Fib level just above $291. A price correction is now being traded below $290 and it could see retracement to $285. Technical analysis looks at significant levels in the chart, as well as potential paths of price during the coming weeks. 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: 05h56 UTC. Bitstamp 1-Hour Chart. From the analysis pages of xbt.social, earlier....
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Bitcoin price sold off $50 in a single hourly candle during US daytime, yesterday. Trend remains up. A shock reversal knocks us out of the trade, even though trend remains up. The violent downward correction of more than $50 ended up making a higher low and quickly regained trade above $600 (Bitstamp). We could not have anticipated the sell-off happening as price was apparently advancing through the critical $640 level before it reversed. The target remains $680 with support at $600. Summary. Bitcoin price is retesting $600 and should resume advance in the coming days. We continue looking....
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 corrected downward earlier today as an apparent attempt at advance was slammed down by strong selling across the exchanges. Profit taking or is it reversal? The strong RSI reverse divergence pointed out in yesterday’s analysis (magenta annotations) was exacerbated by additional downward price correction and, yet, price failed to push to a new high after two attempts. Ongoing sideways correction at the current level is, therefore, the outlook. Today’s second attempt at advancing above $584 (Bitfinex) was slammed down below the 1hr 20MA (at the green arrow). With MACD....
Bitcoin price climbed $6 in a quick move earlier today. Whatever price does between now and the looming decline is anyone’s guess. Price climbed back above the 1hr 200MA and should now, conceivably, continue higher. However, advance will be temporary, since the downside price pattern that started on the 27th of March remains incomplete. The converging grey trendlines above and below price will continue to constrain the market’s range until an ecosystem event catalyzes a breakout. Bitcoin price pushes higher to an unknown target. The move may re-attempt $430 or it may be over already. The....
Bitcoin price continues higher after Craig Wright has excused himself from the ecosystem. Bullish sentiment is riding high toward the advance pivot at $470. Bitcoin price is pushing higher. It seems that the bullish sentiment is pervasive and that there is no other option but to be long in this market. Now that Craig Wright has abandoned his media-forced claims of being Satoshi Nakamoto, of course, the market should feel some relief and express it in the chart. We know that $550 is an upside target, but some concerns remain: 1) Volume remains low 2) $470 is an upside barrier that has....