Bitcoin Price Pushes Out Of Consolidation

Journalist:
September 18, 2016

Bitcoin price finally begins advance after a long wait and sideways crawl.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC Sunday

Bitstamp 1-Hour Candle Chart

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

While the OKCoin 3Months futures chart is already in its second wave of advance and approaching the early-September highs, many of the USD exchange charts remain below their 1hr 200MA (red, as is the case with Bitstamp (above).

Perhaps these exchanges will still catch up as successive bullish signals cascade through the medium (1hr, 4hr) timeframes. The large timeframes bullish bias is confirmed by today’s launch higher, and a bearish outlook will only come into focus when the 4hr and then 1day charts turn bearish.

The primary target for now is the previous high near $628 (green zone). It would be good to see $680 during this wave higher but let’s see if the market can hold its nerve at that altitude.

Summary

Bitcoin price advances out of its consolidation zone. A general uptrend continues, but it cannot definitively be called a Big One until $680 is conquered.

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.