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. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here . Not a member? Join now. Bitcoin Price Analysis Bitstamp 4-Hour Candle Chart From the analysis pages of xbt.social, earlier today: Objective conditions continue to support a view of continuing advance. Price advances above 1hr, 4hr, 1day, 3day and 1week 20MAs. 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 cross-over could happen but advance delayed until Sunday or Monday. Our cut and dry outlook is that price should advance toward $680, but that it may perversely reverse at the cross-over. Our only rational response is to close positions if price declines below $612 (Bitstamp). Summary After an ambiguous start in some exchange charts, the bitcoin price advance has gathered momentum. Ongoing correction does not yet represent a trend reversal and traders are encouraged to look north to $680 (and perhaps higher). The whales have fired several surging volleys to give us hints of their intention. Bitstamp Depth Chart and Buy/Sell Volume What do readers think? Please comment below. 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. Readers can follow Bitcoin […]
