Bitcoin price pushed above $420 today and continues higher in a narrow channel of advance.
Time of analysis: 13h00 UTC
From the analysis pages of xbt.social, earlier today:
Incredibly, yet another high for this wave.
Regardless of indicators at any timeframe and despite large sell orders above price nearly every step of the way, the persistent advance continues pushing higher. It is as if nothing can stop it.
If a trader takes profit based on overbought indicators, they will soon regret their prudence since their only option will be to rejoin the trend – into overbought MACD, RSI and stochastics.
While price holds within the advancing channel, the only option is to be bullish. Don’t read the chart indicators, don’t think about it, just buy. $10 a day for the past week says “only up”.
This analyst wishes he could guesstimate where this trend might end, but it has proven to be a futile exercise for two weeks thus far. Mind the area circled in magenta and any movement below the lower trend channel – this could all end abruptly.
Bitcoin price is advancing without technical support and the bulls are in control of a slow step-like advance. So far so good. Green pips to all. Just mind the bears jumping out the first-floor window.
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Bitcoin price charts from TradingView.
Image from Shutterstock.
Last modified (UTC): February 18, 2016 20:04