Bitcoin price has begun advance and yesterday covered a $10 distance from $276 to $286 (Bitstamp). The current technical configuration is bullish and the level we watch with interest is $300.
Bitcoin Price Analysis
Time of analysis: 05h12 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The Bitcoin price chart is in a bullish state across all timeframes: from 5-minutes all the way up to the 1-week chart: trading above both the 20MA and 200MA in each case.
Interesting that this launch higher coincides with the first signs heralding global market turmoil, as the Fed must now raise rates according to their own clumsy determination, and the Emerging Markets start pushing up rates as a counter-countermeasure! On the first word of positive US Unemployment Claims data the EM bellwether South Africa, raised rates by 25 basis points. Few market commentators saw that one coming and the global lock-step changes rhythm.
US investors will now have the safer option of keeping funds invested in the developing country’s favorable yield environment while watching whether the dithering Fed is serious this time.
The advancing wave is not going to be a straight-line affair: the ride will be bumpy and volatile. We can dream of $1,680 but for now we watch $300.
xbt.social members know exactly how to navigate the advance: as per our trading method, we won’t catch the entirety of whatever wave is unfolding, but we’ll catch the most profitable subwaves while minimizing potential loss, and that is the best any speculator can hope for.
xbt.social member discussion:
Experienced traders control risk, inexperienced traders chase gains. – Jim Rohn
That Bitcoin price is advancing is in itself a signal that the uncertainty generated by recent events in Greece and China has not abated. The tighter the thumbscrews turn on a debt-ridden global economy, the more acceleration we can expect to see in the Bitcoin chart. For now we only focus on $300 (Bitstamp) before we consider ourselves out of the bear infested woods.
Bitfinex orderbook depth and Buy/Sell Volume:
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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.
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