Bitcoin Price Outlook Remains For Advance

Bitcoin price pushed higher from the horizontal support zone near $660. The outlook remains that the market is engaged in a sideways base formation prior to advance. A push higher, today, from the horizontal support in the low $560s. The 4hr chart indicates ongoing consolidation, with MACD compressing and the stochastics (top) very quickly pushing back toward their maximum. We expect price to continue drawing sideways as the 4hr 200MA descends into the area of price – then the surge higher toward $600 and a larger advance – hopefully in the coming days. Price remains above its 1day 200MA....

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 keeps simmering below $600. Perhaps ominously so. Direction is uncertain and the advice to traders remains the same: rather than anticipate the move, let the market show the way. The uptrend has steadily lost momentum and trajectory since the beginning of June. Downside. From a bearish perspective the price action can be interpreted as a rounded top. The outlook would be for price to perhaps attempt $600 again, and then sell-off in a bout of profit taking. Although such a sell-off could draw price back below $500, a strong bounce from the low can be expected, since the....

Bitcoin price pushes higher, again, from horizontal support zone near $560. The outlook remains that the market is engaged in a sideways base formation prior to advance. Good upward continuation, today, toward the 4hr 200MA (red). We’re looking at the BTCC chart, since the reference Bitstamp chart is losing clear wave definition as price consolidates. Although the 1hr chart has started drooping, at the time of writing, the 4hr chart shows that additional upside is likely: 1) The stochastics have not yet grouped at their maximum 2) MACD remains above its signal line What we want to see is....

Bitcoin price toys with gravity after a non-committal Fed rates hold. Few large players, who have little perceived need for Bitcoin’s features, have any reason to hold a slumping commodity while stocks push to new highs. The outlook remains the same as yesterday: the 1day and 3day charts are bearish, and we anticipate decline. The 4hr candle chart MACD remains below zero. The proposal is that the market is denying decline with irrational psychology, but without institutional (whale) support. Hence, a sideways corrective pattern is forming until the sell-off below $640 kicks in. $640....