Bitcoin Price Corrective High
Bitcoin price was pushed higher by eager buying today. The price move shows signs of being a corrective advance that will soon give way to the declining scenario discussed in weekend analysis. Although the resistance ceiling is still some distance above price, it is likely that the current advancing wave is close to making (or has already made) a corrective top. The wave looks aggressively impulsive, but there is no reason to believe it will achieve a new high above the top formed nine days ago. There are no buy signals at any timeframes and the indicators are generally overbought. In many....
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Bitcoin price made a corrective high at $705 (Bitstamp) and was then sold off to $650 for the duration of the day. What the market does next will determine trend for the next week. The deep retracement that was anticipated in analysis, last week, has set in and we see the charts currently holding support at $650 (popular USD exchanges) and 4350 CNY. The level also corresponds to a trendline (magenta) drawn from the level from which the corrective advance started. There is no telling what the market will do next. One scenario is that price consolidates into the next wave of advance – and....
Bitcoin price continued sideways today in low volume trade that is looking more and more likely to turn to decline. Two wave counts reflect the ambiguity of the current juncture of price. At the present high inside the rising channel (dotted grey lines), the B-C-D count (black labels) has reached a corrective high from where we’d expect to see decline to at least $370 – the level of the base of the previous corrective advance. An alternate wave count (red labels) is bullish and would see price accelerate to the upside in a rally toward $500. Today’s 15-minute and 1-hour charts (not shown)....
Bitcoin price fell away from yesterday’s strained highs, but a price correction introduces some uncertainty about what’s next. Previous price patterns suggest the decline will continue, but simple technical analysis helps us plan contingency, and identify the confirmation of decline. xbt.social subscribers opened a short position after a combination sell signal fired in both the 1-hour and 15-min charts, earlier today. It is not unusual for the market to test the 1hr 20MA after an initial wave of decline. Magenta arrows in the 1hr OKCoin futures chart, illustrates this corrective pattern.....
Bitcoin price is midway between this week's earlier high and yesterday corrective low. Currently hovering around $267 and 1672 CNY for most of the Asia-Pacific session, the European and US sessions may generate more movement. Yesterday, we outlined a few scenarios for the coming weeks and today's analysis tries to find the immediate direction from a 4-hour chart assessment. 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: 05h33 UTC.....
As many of you know, Bitcoin Price and Bitcoin Value don't follow each other perfectly. Yesterday's Bitcoin Price decline is leveling out as corrective waves are increasing their upward trajectory. The resulting wave pattern is out of character with that seen during the past year. Is the new price action a sign of a trend change? Obviously, the news of Bitstamp reopening will allow the Bitcoin trading volume to re-assume proper levels and trends to continue. Bitcoin Value vs Bitcoin Price Analysis. Time of analysis: 13h00 UTC. BTC-China 5-Minute Chart. The BTC-China 5-minute chart is shown....