Yesterday's Bitcoin price correction continued in early trade and eventually found chart support at the 200-period moving average (MA). At the time of writing a bounce off the 1-hour 200MA seems to have legs, provided price can hold above the 200MA in the 4-hour chart.…
Yesterday’s Bitcoin price correction continued in early trade and eventually found chart support at the 200-period moving average (MA). At the time of writing a bounce off the 1-hour 200MA seems to have legs, provided price can hold above the 200MA in the 4-hour chart.
From the analysis pages of xbt.social, earlier today:
The bounce from the 1-hour 200MA continues higher while the 15-minute chart (not shown) flashes bullish signals.
Here in the 1-hour chart the indicators favor continuation to the upside:
RSI (not shown), although showing no divergence on the last subwave down, had clearly reverse diverged to the previous market low.
The MACD indicator is rising from a sustained low at its lower Bollinger Band.
These are bullish indications that favor a change of short-term trend back to the upside. It is not a buy signal, however. A buy signal will show up sooner or later after price had made a lower high in a B wave or starts building a base for a larger advance.
Outstanding performance by s68k with 70% profit on day 5 of the competition. Caspa and warren101 each hold over 40% profit and must have seized the opportunity offered by yesterday’s market turn early on. David Parker, in 6th place, deserves mention for the minimal number of trades that generated him almost 29% profit. Good to see Makefa back on the board after an absence – both him and warren101 are vigorously executing trades like they’re rubbing sticks together. More fuel to the fire!
Machines take me by surprise with great frequency. – Alan Turing
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Bitcoin price is, currently, back above the 4-hour 200MA after briefly testing it earlier today. A bounce higher is underway and may target a lower high in the chart – as a B wave before decline resumes – or build a base for an additional advancing wave. Watch price action in relation to the 4-hour 200MA: it must hold support for short-term advance to remain in force.
Bitfinex orderbook depth and buy/sell volume:
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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.
Last modified: January 25, 2020 11:06 PM UTC