Bitcoin price finally begins advance after a long wait and sideways crawl.
Time of analysis: 14h00 UTC Sunday
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.
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.
What do readers think? Please comment below.
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