Bitcoin Price Above $600

Bitcoin Price Above $600

Bitcoin price was drawing close to its 4hr candle chart 200-period moving average (200MA). A surpise break above this level opened advance yesterday.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC Sunday

Bitstamp 4-Hour Candle Chart


From the analysis pages of, earlier today:

Exactly the sequnce of events we wanted to see in the chart.

Price is advancing above $600 and 4hr MACD (just above price) confirms the advancing move as it pushes above zero and its signal line.

Bitcoin chart up

It’s hard to conceive how the market will now reverse trend into decline. The declining scenarios mentioned during the past two weeks are negated by the massive volume required to push price $25 higher in a single candle. Ongoing advance is the most probable outcome, so we follow the whales. opened a buy position at $593 (Bitstamp) earlier today.

Traders need a stop loss between $600 and the 1hr 200MA or 4hr 200MA near $575. A quarter size position allows a $20 stop-loss distance

Read more ... source: TheBitcoinNews

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