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?
Time of analysis: 14h00 UTC Friday
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.
Bitcoin price is ambiguous. Traders should wait for price to climb above $600 or $550 before committing to a bet.
What do readers think? Please comment below.
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Bitcoin price charts from TradingView.
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Last modified (UTC): August 27, 2016 08:01