Posted in: Archive
Published:
May 3, 2015 8:59 PM UTC

Bitcoin Price Advances Above Chart Resistance

Bitcoin price has been rearing to go all weekend. Conflicting technical signals had both advance and decline as likely outcomes of the price consolidation on Saturday. By Sunday morning (UTC) the buy signals were unmistakable. This analysis is provided by xbt.social with a 3 hour…

Bitcoin price has been rearing to go all weekend. Conflicting technical signals had both advance and decline as likely outcomes of the price consolidation on Saturday. By Sunday morning (UTC) the buy signals were unmistakable.

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: 15h51 UTC

BTC-China 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

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

We have buy signals from the moving averages in the 5-minute, 15-minute and 1-hour charts. Price action is not surging as expected but the rest of our Trade Recommendation conditions are fulfilled and it is now Open (and has been for a couple of hours according to the chart signals).

Caution should be practiced here at the start of the trade since price is not moving away from the entry zone in a deliberate fashion, hence there is risk that the tardy waves can swoop lower and accidentally stop you out while still maintaining advance.

A few hours later:

The green 20MA has now risen above the entry level and represents our dynamic stop loss level that serves the dual purpose of locking in profit while gradually reducing the risk of holding this position in the market.

The bases of the current wave and the previous wave are circled in magenta and the final step-up pattern that precedes the price surge in wave 3 is circled in cyan. The “step-up” is exaggerated to the upside in the present wave, probably reflecting the strong buy-in, and bullish bias, we’ve been seeing in the market.

CoinCompetition

The leaderboard has changed completely since Day 2. At the top are: Sebastian, Pluszaq and the notorious representative Makefa. Just to prove that late entries can shoot to the top, Sebastian has generated 36% profit with a single batch of trades – must have caught the advancing wave right at the base – well done, Sebastian!

There are hundreds of entrants and the head of the pack will still rearrange many times in the coming weeks as price ruptions shake the CoinCompetition ladder. Good luck to all!

Join CoinCompetition today and win 5 bitcoins. Entry open.

Summary

Bitcoin price is advancing and, today, rose above tough resistance at $240 (Bitfinex) and 1480 CNY (BTC-China). There is still some gas in the tank for the journey north and the eventual targets for the current wave look to be at $250 and 1520 CNY before a larger correction sets in. What follows then is anyone’s guess: extension higher? or back to support? Time will tell, all we have to do is keep our eyes open for the buy and sell signals.

Bitfinex orderbook depth shows profit taking, by early buyers, is the game from current levels to $250:

Click here for the CCN interactive price chart.

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.

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Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Images from Shutterstock.

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Last modified: January 25, 2020 11:06 PM UTC

Venzen Khaosan @venzen

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.

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