Bitcoin Price Surges Above $400
A base for advance, with only two subwaves, formed during the past few days and primed bitcoin price for a launch higher. The concatenated base took us by surprise and getting into the advance – after the fact – posed some risk. However, a strong surge toward the 4hr 200MA (red) continues relentlessly and soon had us in profit. Anyone not in the current trend should wait for price to correct at curent levels (~$410-$420 Bitfinex). If trend will continue toward the 4-hour 200MA (red) in the coming days, then a push above $420 will be the que. The 4-hour 200MA is currently at $430 – a $10....
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The exchange rate surges at withdrawal testing news. MtGox has allegedly begun testing withdrawals, seeing a 200% surge in exchange rates. This post's updates have largely subsided, any additional breaks may be a separate article. UPDATES: Original Reddit thread about withdrawal signs here. 1:55am JST: 1400BTC buy order on BTC-e. 2:03am JST: MtGox exchange rate now up 215% in just under 2 hours. $280. 2:12am JST: Massive sell-offs on MtGox dropping the exchange rate back to $200, still up a little for the hour. Rumors of market manipulation and also insider trading abound. 2:30am JST:....
Bitcoin price surges higher but remains within the area of the recent correction. Technical analysis looks at levels and confirmation of advance. Price has surged higher from its 1-hour 20-period moving average (20MA). Although this could very well be the start of the next wave of advance toward upside targets at $600 and $680, there are two concerns that warrant caution: 1) The small parabolic wave of the past few hours typically characterizes the ending of a surging move. 2) Price has not yet left the area of recent correction (blue rectangle). Given the above, price may continue....