Bitcoin Price Intermediate Correction
Bitcoin price has begun to slowly lose altitude below $580 (Bitstamp). As usual, exuberant buying continues at the wave top, so upward spikes may still form. Analysis looks for the initial confirmation of a downward price correction. As the OKCoin September futures contract opened today, price surged to near $616 in that chart. Although it was not a new futures high, it does speak of the bullish sentiment of traders with regards to the late-July reward-halving event. The other exchange charts remained subdued – most of them putting in a lower high for the day. We now keep an eye on price....
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The bitcoin price chart bubbles along just below $700 (Bitstamp) and mood in Bitcoin Land is positive. At the time of writing price is retesting the $680 (Bitstamp) level. The bitcoin price chart is receiving calls for a top at $700 and price is currently testing the critical $680 support and resistance level. As pointed out in yesterday’s longer-term analysis, the $680 level represents the high range of an area of contention (during late 2013 and the first half of 2014) that reaches all the way back down to $600 and 4000CNY. If price penetrates this level then a free-fall zone all the way....
Bitcoin Price continues making higher highs in cautious trade above rising support. Confirmation of a larger degree uptrend is not yet in evidence, but we do have sufficient signals for an intermediate price advance. The Bitcoin Price has been surprisingly active given the service hiatus of one of the largest Bitcoin exchanges. Said Bitcoin exchange, Bitstamp, has also suffered a confirmed loss of ~$5 million USD worth of bitcoin. Update. Time of update: 11h30 UTC. Divergence has forced price down and it is correcting before moving toward the target discussed in the trade setup in the....
Bitcoin price is drawing close to its 4hr candle chart 200-period moving average (200MA). Crossing above it will signal an intermediate period of advance. Consolidation is drawing to an inevitable close as the 4hr 200MA descends into the area of price action. To the upside we have Fib extension targets all the way up to long-term resistance at $680. Likely pitstops for reaction wait at $600, $610 and $630 (Bitstamp). For the advancing scenario to open we need to see price advance above the 4hr 200MA (red). The 200MA is critical at every timeframe, and intermediate trend is signaled by....
A Chinese intermediate court based in Beijing recently upheld a lower court’s ruling which determined that cryptocurrency is a virtual property protected by the law. The court clarified that regulations issued by the Bank of China and others only prohibit the circulation of virtual currency. ‘Financing Behaviour Prohibited by the Law’ An intermediate court in China recently upheld a lower court’s ruling that designated litecoin a virtual property protected by the country’s laws, a report has said. The court clarified that the country’s relevant....
Bitcoin price volatility has increased, building building intermediate price levels as support references for the next rally. So, get ready for another ride to the moon, because the bulls are preparing for another stampede. After confirming a strong bullish consensus, prices are building intermediate levels as support references for when the next rise to $820 takes place. This further upward movement, if confirmed should increase volatility and create confusion, leading to a lot of profit taking action and false signals that could produce a lateral sideways market. Using last June’s....