Bitcoin Price And The Weekend Move

By June 18, 2016Bitcoin Business

The bitcoin price holds sideways in pattern suggesting advance. Another rewarding week in the market and it does not look like the advance is giving up. Technical analysis finds price targets and risk levels.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here . Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis

Time of analysis: 13h00 UTC OKCoin BTC/USD 1-Hour Candle Chart

From the analysis pages of xbt.social, earlier today:

During the past 24 hours we’ve seen price hold above the low established by yesterday’s profit-taking sell-off.

The 1hr candle OKCoin BTC/USD chart, above, shows price at the bottom of a rising channel with MACD (just above price) also at the bottom of the range defined by its Bollinger Bands. The implication is that price is now free to advance again. The top of the rising channel, near $820, is an evident target but bitcoin price has shown on many occasions that it can use a narrowing channel as a cannon to blow it into a parabolic price path.

Stupendous advance becomes a reasonable expectation during a bitcoin price rally. Yet, as traders we should always keep healthy account of risk scenarios in the chart. In this case, we see that a break below the lower rising trendline will open decline to the often-mentioned $680 level. This level should offer strong support since it held during several penetration tests around 14 June, and the level is also being bolstered by the 1hr 200-period moving average (200MA, red line circled in red).

xbt.social traders are currently waiting for a specific combination of indicator signals at several timeframes before starting to build their positions for the next wave of advance. The signals occur before every advancing wave in […]

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