Bitcoin price continues edging higher in strained advance. A pullback is due.
Time of analysis: 14h30 UTC
From the analysis pages of xbt.social, earlier today:
We now have a valid MA buy signal in the 1hr chart (not shown), but the conditions outlined in yesterday’s analysis remain unfulfilled for a long entry.
To summarize in the 4hr chart:
1) We want to see price advance above the overhead Fib line.
2) We wait to see if price reverses from $420.
3) If a base for advance forms then we can expect an outcome as in the price pattern in the extreme left of the chart.
Price should pull back from the present overbought conditions in the 15min and 1hr charts, form a base and give us a clear MA buy signal in both these timeframes. The target will be the intersection of the 1.618 Fib extension and the overhead resistance ceiling near $435 (Bitstamp)
Bitcoin price is heading upwards, but a reversal seems imminent. Wait for the conditions outlined above before going long.
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Bitcoin price charts from TradingView.
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