Bitcoin price, that old rascal, had shook out a lot of longs to $650 and is now building base waves, to $650, for a pending launch toward the June top.
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
Bitcoin price has returned to above its 1hr 200MA and the interim correction to $650 (Bitstamp) appears complete.
It is unlikely that price will fling straight into advance and more likely that bitcoin price first does what it does most often: consolidate prior to the next wave of advance.
A market truism states: “Sell the rumor, buy the fact”. This may seem inappropriate to the “written in code” halving algorithm, yet, even so, the reality of halving and an end to the blocksize-debate era will mobilize even the most negative punter to put their money where their mouth is in the coming week.
Technically, $755 (Bitstamp) remains a target and beyond that – in the case of trend continuation – $1,350, but beware of the institutional players who have both the wallets and the incentive to make mid-year investor reports to $650.
Bitcoin price is near the bottom of its recent trading range near $650. Buy opportunities present themselves at every return toward this level. Once a series of base waves has formed and the 4-year halving algorithm clock strikes at the end of the week there should be strong momentum in the bitcoin price chart.
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