Bitcoin Price Advance Halts At $450
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....
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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 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 continues correcting as the prospect of advance dawns on the market. The general hesitancy to join trend is understandable given this chart’s perverse tendency to fake-out on apparent trending moves. The melodrama of decline in the Chinese exchanges has proven to be just that – every time. They cannot sell lower because there is nothing for the bears down there. The potential reversal at $630 looms but seems less likely as 1day MACD crosses above its zero line at the time of writing. Yet, the situation remains: price advance is constrained by the $630 level and the MACD....
Bitcoin price was eagerly traded to the upside today in wave that now appears to have topped out just below long-term overhead resistance. Upward continuation will break resistance and herald a rally, but so far it looks like price is falling back into the consolidation range. Very frustrating price action. When you think it won’t it does. When you think it will it doesn’t. And in either case analysis seems to hit and miss randomly through the corrective variation. The present pattern labeled “3” in the chart above, so far looks like a smaller variation of the preceding patterns labeled....
Bitcoin price made a return to the previous wave high today and now looks to have resumed an advance. Or has it? The zoomed out BTCC 5min chart shows the articulation (subwaves) of today’s advance clearly. It’s an impulse wave and to be expected in this wave position. That it should be so strong comes as a surprise, but this same over-exuberance is what makes the wave vulnerable to deep retracement. A strong push higher today and many in the market seem to be buying like this is the blockreward-halving rally. If the outlook for additional decline is wrong, then advance beyond the 4hr 200MA....