Bitcoin price pushes higher, again, from horizontal support zone near $560. The outlook remains that the market is engaged in a sideways base formation prior to advance.
Time of analysis: 13h00 UTC Tuesday
From the analysis pages of xbt.social, earlier today:
Good upward continuation, today, toward the 4hr 200MA (red).
We’re looking at the BTCC chart, since the reference Bitstamp chart is losing clear wave definition as price consolidates.
Although the 1hr chart has started drooping, at the time of writing, the 4hr chart shows that additional upside is likely:
1) The stochastics have not yet grouped at their maximum
2) MACD remains above its signal line
What we want to see is for price to remain above the support zone (pale orange) and for 4hr MACD to push above its zero line.
To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate – Jesse Livermore
If the market can keep price above the $550 support zone we may be looking at the formation of a base pattern prior to an advance toward $680. The smart strategy in the current chart is to wait for price to advance above $600, since that will open the way to $680, while allowing the market to go through the motions if it is indeed building a base pattern for advance. Patience is required before taking position since more market shenanigans are likely.
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Bitcoin price charts from TradingView.
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