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?

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Bitcoin Price Analysis

Time of analysis: 15h10 UTC

Bitfinex 15-Minute Chart


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


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.


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 weighs in favor of an upside breach of spectacular proportions - with a twist. Join the analysis and trading community at 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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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.
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About the author

Venzen Khaosan

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.

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