Bitcoin price corrected sharply after pushing to a new advance high, yesterday. Currently, price is once again advancing.
Time of analysis: 14h30 UTC
From the analysis pages of xbt.social, earlier today:
The 1-hour chart shows price moving into the space created by two rising Fib lines.
The launch higher commenced at 13h00 UTC but quickly ran out of momentum before price could make a new high.
It could be that the move is only corrective and that additional downside may follow, but judging from the 1-hour chart’s indicators this may be the continuation of yesterday’s rallying price wave.
MACD (top) has turned up from its zero line, and the stochastics (second from top) have also turned up. Once concern is that both stochastic lines did not hit bottom – an indication that the downward correction may still be incomplete.
However, if trade were to establish price above the overhead Fib line, then the indicators will give us the full bullish signals and additional advance will seem certain.
Yesterday’s price wave was unusually strong and corrected sharply. Whether or not the correction is complete remains uncertain until price can push to a new high. The current 1-hour chart implies that a new high is likely, and pushing to $430 (Bitstamp) and 2800 CNY should be the outcome. Pulling back below the 1-hour 20MA will be bearish and could see the price correction return to $400 (Bitstamp) and 2600 CNY.
What do readers think? Please comment below.
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Bitcoin price charts from TradingView.
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