Home Markets News & Opinions Bitcoin Price Flying The Envelope

Bitcoin Price Flying The Envelope

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 ...

Last updates by
Venzen Khaosan
September 10, 2016 2:48 AM

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.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now.

Bitcoin Price Analysis

Time of analysis: 14h00 UTC Saturday

Bitstamp 4-Hour Candle Chart

a line graph showing the price of gold and the price of silver

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

RelatedNews

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

a line graph showing the number of people in each country

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

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

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.