Bitcoin Price Moving Up By Moving Sideways

Bitcoin price is attacking overhead resistance and is advancing in a strong wave toward $218. Price has been rejected by a sloping trendline at this level for several days. Will it break through this time?

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here.

Bitcoin Price Analysis


Time of analysis: 15h10 UTC

Bitfinex 15-Minute Chart

Bitfinex_bitcoin_price_chart_m15_20Jan2015ccn1

The past two days' sideways correction struck another low at 15h00 UTC and embarked, at first hesitantly, on a steady upward trajectory. By 15h20 the resistance, has not yet been reached. Price has bounced inside the price channel for several days and it is a matter of time until it breaks out.

BTC-China 15-Minute Chart

BTC-China_bitcoin_price_chart_m15_20Jan2015ccn

Within minutes of the start of the advance BTC-China's price, had raced ahead of the pack to attack the resistance ceiling at 1,300 CNY. If it gets through the other exchanges are sure to follow.

Summary

Bitcoin price is advancing from a corrective low. At the time of writing, price is approaching overhead resistance in the BTC/USD charts. BTC-China was already grappling with this level. Will it get through? Not this time.

Techincal analysis at xbt.social weighs in favor of an upside breach of spectacular proportions - with a twist. Join the analysis and trading community at xbt.social for collaborative market analysis and trading insight.

The buying volume has been picking up at Bitfinex over the past hour, indicating a rising bullish sentiment.

BFX buysell volume 20jan2015

Click here for the CCN interactive price chart.

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This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here.

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Disclaimer

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

Bitcoin price charts from TradingView.
Images from Shutterstock.

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Venzen Khaosan

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect.

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