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Bitcoin Price Advancing Again

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Bitcoin price corrected downwards overnight and then pushed higher on the OKCoin futures settlement. Deep retracements still plague nervous speculators but trend remains up.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now.

Bitcoin Price Analysis

Time of analysis: 12h00 UTC Friday

OKCoin 3Month Futures 1-Hour Candle Chart

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From the analysis pages of xbt.social, earlier today:

Looking at most exchanges, today, we see a surge higher followed by a drop to near the level from where the surge began. The largest futures contract is the exception.

After an initial delay in opening, the OKCoin 3month contract surged more than $20 to the upside, and reflects the expectation of traders until the end of the year. The OKCoin 3month contract now has an average premium of about $10 over the rest of the market. This does not mean that the premium will last but it does imply an intermediate uptrend.

With the large timeframes (1day, 3day and 1week) remaining bullish and becoming more bullish, we’d expect to see $680 at some time in the next month.

The apparent nervous disposition of a wider market that want to sell off at each marginal new high is likely to continue and keep the current spike-prone chart patterns prevalent.

These are poor conditions to trade under since most signals are retraced as soon as they cause price movement, so, traders are encouraged to stay long to target ($680) unless a 4hr pattern of lower lows begins developing.

Summary

Bitcoin price pushes higher. More in some exchanges than some as the liquidity of the market increases and the whales are forces to concentrate their capital. A general uptrend continues, but it cannot definitively be called a Big One until $680 is conquered.

Bitstamp Depth Chart and Buy/Sell Volume

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Click here for the CCN.LA interactive bitcoin-price chart.

What do readers think? Please comment below.

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Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer

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.
Image from Shutterstock.

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