Bitcoin Price launched higher in spectacular fashion shortly after publication of yesterday's analysis. Price had spiked above $300 in some exchanges, and BTC-China momentarily achieved a high last seen in November 2014. This analysis is provided by xbt.social with a 9 hour delay. Read the…
Bitcoin Price launched higher in spectacular fashion shortly after publication of yesterday’s analysis. Price had spiked above $300 in some exchanges, and BTC-China momentarily achieved a high last seen in November 2014.
Time of analysis: 13h39 UTC
From the analysis pages of xbt.social, earlier today:
In hindsight, the price action since the 8th, was clearly a base building phase. Price launched from the base above an MA buy signal [full xbt.social signal not shown] and began whipsawing just below $300 and 1900 CNY. Our xbt.social Trade Recommendation was issued just in time to take advantage of this wave. (CCN.LA readers were alerted to the buy opportunity in yesterday’s analysis).
RSI and MACD are showing divergence on the current subwave higher, and the stochastics (top) have indicated divergence on each high.
Price has remained above the 20MA in all exchanges’ 1-hour chart. Here in the OKCoin 3month futures chart price has already established above $300, something it had also done back in the first half of March. The current OKCoin futures price is about $10 above the March high of $309. Not sure what this means going forward, but it is worth mentioning and reader observations are welcome.
BTC-China had spiked all the way to 2400 CNY – that is the equivalent of $396 – a level that price had last held back in November 2014.
There are a lot of interesting things happening in the chart and some careful analysis may reveal their meaning. For the moment we just keep watching our xbt.social dynamic stop loss for the signal to take profit.
To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate. – Jesse Livermore
Market chatter is becoming polarized with some traders expecting a large retracement if price fails to achieve $300, and others believing that this wave is headed to $400 and beyond with little or no correction from current levels. xbt.social acknowledges both scenarios, and we advise traders to take profit below $300 and to then observe price’s behavior in relation to the critical $300 level. It should be possible to reenter the advance once the market has shown its intent by climbing above $300. Falling away from $300 could see a retest of $262 / 1636 CNY.
Bitfinex orderbook depth and Buy/Sell Volume:
What do readers think? Please comment below.
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Bitcoin price charts from TradingView.
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Last modified: January 25, 2020 11:07 PM UTC