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:....
Promoted: As bitcoin surges, Invictus Capital's C10 fund offers investors a unique avenue for exposure.
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....