Bitcoin price sold off $50 in a single hourly candle during US daytime, yesterday. Trend remains up.
Time of analysis: 14h00 UTC Monday
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.
Bitcoin price is retesting $600 and should resume advance in the coming days. We continue looking to $680 for resolution.
What do readers think? Please comment below.
Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.
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.