Bitcoin Price Flying The Envelope

Journalist:
Venzen Khaosan @venzen
September 10, 2016

Bitcoin price continues correcting as the prospect of advance dawns on the market. The general hesitancy to join trend is understandable given this chart’s perverse tendency to fake-out on apparent trending moves. The melodrama of decline in the Chinese exchanges has proven to be just that – every time. They cannot sell lower because there is nothing for the bears down there.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC Saturday

Bitstamp 4-Hour Candle Chart

From the analysis pages of xbt.social, earlier today:

Objective conditions continue to support a view of continuing advance.

Price advances above 1hr, 4hr, 1day, 3day and 1week 20MAs.

The potential reversal at $630 looms but seems less likely as 1day MACD crosses above its zero line at the time of writing. Yet, the situation remains: price advance is constrained by the $630 level and the MACD cross-over could happen but advance delayed until Sunday or Monday.

Our cut and dry outlook is that price should advance toward $680, but that it may perversely reverse at the cross-over. Our only rational response is to close positions if price declines below $612 (Bitstamp).

Summary

After an ambiguous start in some exchange charts, the bitcoin price advance has gathered momentum. Ongoing correction does not yet represent a trend reversal and traders are encouraged to look north to $680 (and perhaps higher). The whales have fired several surging volleys to give us hints of their intention.

Bitstamp Depth Chart and Buy/Sell Volume

Click here for the CCN.LA interactive bitcoin-price chart.

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Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Image from Shutterstock.

Venzen Khaosan @venzen

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.