Bitcoin price achieved a new high for this year, last week. The correction over the weekend looked to be a potential reversal of the uptrend, but after a relatively shallow retracement the uptrend appears to have resumed.
Time of analysis: 16h22 UTC
From the analysis pages of xbt.social, earlier today:
Judging by previous corrections during this advance, once price climbs to the previous high advance just continues. It remains odd that the correction was not to a deeper MA, such as the red 200MA but that move remains outstanding till later, no doubt.
Support was found out the 100MA and the move retraced 50% of the last wave up, so the correction is “standard” and advance from current levels is not likely a market trick.
The relentless advance appears to have resumed.
Price must get closer to the 20MA for us to open positions – there is strong divergence in the 1hr chart – and the next price dip could be our opportunity.
The 1hr BTCC chart (above) shows a great similarity to a previous correction and buying pressure has been strong since yesterday.
I’m more concerned about controlling the downside. Learn to take the losses. The most important thing about making money is not to let your losses get out of hand. – Marty Schwartz
The CNY exchange charts are leading this advance. The BTCC (BTC-China) chart is giving a convenient price pattern and advance above 2250 CNY will signal additional upside. Traders should be mindful that price seeks to return to the 20MA (green) periodically.
Bitfinex orderbook depth and Buy/Sell Volume:
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Bitcoin price charts from TradingView.
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Last modified (UTC): November 2, 2015 18:40