Bitcoin Price has made a breakout to the upside and, in doing so, has broken a long-term trendline that has defined decline for over a year.
This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here .
Bitcoin Price Analysis
Time of analysis: 05h05 UTC
Bitstamp 4-Hour Chart
From xbt.social analysis, this morning:
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The breakout is significant, not only for showing that the market has chosen the upside, but because in the process a long-term trendline that has rejected advance for over a year has been broken. This confirms our analysis of a change of long-term trend to Up and opens many exciting options for trade in the coming weeks and months.
We will trade the rally today and then consider the possible scenarios for price in the upcoming weeks. The market will not be without surprises and we don’t want to get caught holding open long trades when the profit taking starts.
xbt.social members are ideally positioned to profit from this rally that we have been preparing for during the past two weeks.
Summary
Bitcoin price has broken above a long-term trendline from the November 2013 all-time high. The price move redefines the Bitcoin price chart and expectations for a longer term advancing trend are solidified. The upper targets for the current wave are at $297 (Bitfinex) and 1826 CNY (BTC-China).
The Bitfinex depth chart has the Bulls in the mood for a stampede.
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 .
Readers can follow Bitcoin price analysis updates every day on CCN.
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.
