Bitcoin price continued advancing strongly and cleared $500 with minimal effort yesterday. Sunday trade has been mostly corrective, but there is no strong sign that the advance is over.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 1-Day Candle Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price has advanced beyond $500 across all exchanges and we now expect price to make its way toward $550 and react to this strong support and resistance level.
The current level of price, just below $525 (blue horizontal line), had acted as support and resistance during 2013 and 2014. We could, therefore, expect the market to grapple with this level before advancing to $550 (orange).
Like most price charts, the bitcoin price chart tends to retrace trending moves by 50%. The level from which such a