Bitcoin Price Pulling Back Before Advance?

Bitcoin price has failed to maintain advance after putting in a strong surge two days ago. While this does not yet look like a return to decline, price may correct deeply before returning to the upside. 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: 15h00 UTC. OKCoin 3Mth 1-Hour Chart. From the analysis pages of xbt.social, earlier today: Our xbt.social Buy trade was closed at 00h00 UTC by price pulling below the 1-hour 20MA, by more....

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 has returned to its recent resistance ceiling where large sell orders have halted additional advance. As remarked yesterday, a bullish 15-minute chart condition had catapulted price higher, but profit taking at the resistance ceiling near $460 and $3030 has prevented additional advance. With price trading above its 1-hour 200MA and a bullish cross-over of the 20MA to above the 200MA, there is a high probability that the advance may continue, but let’s wait to see price break the resistance ceiling before making a bet on such an outcome. Bitcoin price has risen to near its....

Bitcoin price dropped back toward $660, overnight, but now seems to be engaged in a sideways base formation. Price action is looking encouraging and now we wait for technical confirmation of an advance. Despite a recent bearish 4hr MACD cross below its zero line we see price maintaining support above $550 (magenta annotation). Price remains above its 1day 200MA and the 1day MACD has pulled out of its steep dive, now leveling out regardless of the overnight drop back to support. We cannot, yet, with confidence, rule out a move toward $500 psychological support, but it is 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....