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.
Time of analysis: 14h00 UTC Saturday
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).
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.
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Bitcoin price charts from TradingView.
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