Bitcoin price is advancing steadily toward $240 and 1500 CNY. The market quickly abandoned ideas of trading to the downside as this attack on the previous area of price resistance reveals. This analysis is provided by xbt.social with a 3 hour delay. Read the full…
Bitcoin price is advancing steadily toward $240 and 1500 CNY. The market quickly abandoned ideas of trading to the downside as this attack on the previous area of price resistance reveals.
From the analysis pages of xbt.social, earlier today:
The move up has been deliberate and there is nothing in the indicators that contradicts price continuing. A previous high had negated the RSI high of Sunday’s high, so price is free to advance – no reverse divergence will obstruct the way until RSI rises above its previous high before that.
Even so, the cross-over, to the downside, of the 200MA over the Fib line at $240 is a major intersection. Ordinarily, price will move toward such a cross-over and then retreat in correction. Given the importance of the confluence of chart features here, this seems the likely outcome, but there is a lot of bullish energy pushing willfully ahead.
Bitcoin price has advanced from a Monday correctional low of $228 (Bitfinex) and 1407 (BTC-China) to the upper end of the $230 and 1400 CNY range. Rissing above $240 and 1500 CNY is not going to be an easy task as there is a lot of chart resistance in the area directly above. An explosive blast through could do it, but the likely course of price action is a gradual choppy advance into the area, with a reaction at at a magnetic line target at $257 / 1590 CNY.
The Bitfinex depth chart confirms that the journey above $240 is going to be bumpy.
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Last modified: January 10, 2020 2:48 PM UTC