Market Trading Back Bitcoin Value

Bitcoin price is advancing in intermittent surges punctuated by hesitant consolidations.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here.

Bitcoin Value and Price Analysis


Time of analysis: 14h00 UTC

Bitfinex 15-Minute Chart

The Bitfinex 15-minute chart shows the massive reverse divergence (magenta) that had occurred between price and RSI as a result of the correction. Reverse divergence heralds trend continuation and should the correction put in another low it is of little consequence – trend is, technically, bound to continue advancing.

Bitfinex Hourly Chart

The advance toward target viewed in a larger 1-Hour timeframe.

Regular divergence can be seen setting in on the MACD indicator (bottom pane). This is to be expected from a strong trend, yet alerts us to be on the lookout for a wave ending and the correction that will set up the final wave for this leg of advance.

Summary

Bitcoin price is climbing toward $260 (Bitfinex, BTCe) and $277 (Bitstamp) and 1,550 CNY (BTC-China) in wave action that is typical of this price chart’s advancing mode.

Once the target is hit, we can reassess the next move. An intermediate correction is expected in the meantime – either near the $260 price level or else near $240 prior to the final wave to target. Watch your 15-minute RSI indicator for divergence to anticipate approaching wave tops.

Buying volume is on the up at Bitfinex.

Click here for the CCN interactive price chart.

Members at xbt.social think Bitcoin price could return to decline after the current wave up.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here.

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Readers can follow Bitcoin price analysis updates every day on CCN.

Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Images from Shutterstock.

This post was last modified on 12/07/2015 12:23

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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.

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