Bitcoin Price Outlook Remains For Advance

Journalist:
September 12, 2016

Bitcoin price sold off $50 in a single hourly candle during US daytime, yesterday. Trend remains up.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC Monday

Bitstamp 4-Hour Candle Chart

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

A shock reversal knocks us out of the trade, even though trend remains up.

The violent downward correction of more than $50 ended up making a higher low and quickly regained trade above $600 (Bitstamp). We could not have anticipated the sell-off happening as price was apparently advancing through the critical $640 level before it reversed.

The target remains $680 with support at $600.

Summary

Bitcoin price is retesting $600 and should resume advance in the coming days. We continue looking to $680 for resolution.

Bitstamp Depth Chart and Buy/Sell Volume

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

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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.

Venzen Khaosan @venzen

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.