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

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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

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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.
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