Bitcoin Price Tell Me You’ll Be True

Journalist:
August 26, 2016

Bitcoin price is climbing in a choppy advance. Is this the base of a large advance, or just an upward correction in a sideways spell?

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC Friday

Bitstamp 4-Hour Candle Chart

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

No telling what is happening in the chart… a setup for advance, or decline? Or a long consolidation above $550?

The 1hr chart (not shown) continues to signal wildly and we pay it no mind. However, the 4hr chart (above) is interesting because it had previously given us a false buy signal, and is now on the verge of signaling a sell signal. Do we believe it?

Not without 1hr confirmation, and the 1hr chart is nowhere near signaling decline in any of its indicators.

Either price is climbing support along the rising grey trendline or – if price breaks below the trendline – will find support at the lower magenta trendline in the coming days. If price climbs above the overhead magenta trendline and the 200MA (red), then advance should become the outlook.

Eyes open because it is precisely when price action becomes uninteresting that sudden moves occur.

Summary

Bitcoin price is ambiguous. Traders should wait for price to climb above $600 or $550 before committing to a bet.

Bitstamp Depth Chart and Buy/Sell Volume

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

What do readers think? Please comment below.

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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.

Last modified (UTC): August 27, 2016 08:01

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.