Bitcoin price trend remains up but a downward correction prior to the next wave of advance remains likely. 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 Time of analysis: 14h00 UTC Thursday Bitstamp 1-Hour Candle Chart From the analysis pages of xbt.social, earlier today: We’re waiting for price to either surge higher or make a surprise downward correction but the market’s uncertainty to choose a direction keeps price action on a tightrope. Overhead is the 1hr 200MA and below a support zone near $600. We have MACD ready to pop above zero and its signal line (magenta circle) – a bullish indication. The stochastics (blue circle, top) are rising from their minimum which is also bullish. Of course, we’d like to see an explosive upward price move here, but the downside risk remains: and potential corrective targets are at $600 and as far down as $587, as per yesterday’s update. Summary Bitcoin price trades sideways below its 1hr 200MA and the market must soon choose direction. Let’s see, just maybe we get trend progression today, and a blast back to the recent high near $640. Perhaps price continues trading sideways and we only see a decisive movement when some exchanges do futures settlement on Friday. 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 price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday. Disclaimer The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for […]
