Bitcoin price is advancing in intermittent surges punctuated by hesitant consolidations.
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.
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.
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.
Members at xbt.social think Bitcoin price could return to decline after the current wave up.
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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.
This post was last modified on 12/07/2015 12:23