Bitcoin Price Advancing For Second Day

The combination of upside regular divergence followed by an instance of reverse divergence to the downside, has the effect of continuing a trend. Once we see the reverse divergence fail to manifest while the Bitcoin price makes a new high accompanied by regular divergence – that is usually the sign that a high has been struck.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis


Time of analysis: 16h59 UTC

Bitfinex 1-Hour Chart

Bitfinex 15-Minute ChartBitfinex 15-Minute Chart

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

The regular/reverse divergence dynamic is still at play and we wait for an indication of reversal – or – if this wave will surprise by just advancing beyond expectation. It certainly looks like a persistent advance in the making and if it holds above $230 and 1440 CNY then we have to reconsider our outlook.

For now the wave simply looks like the market is pausing prior to another wave of advance and its a catch 22: does one jump in a wave only to find that it reverses or do you wait and see if it will end and then find that hours have become days? The current chart area is critical and the purple 1-hour 800MA is the first level of resistance that will either cause reversal or open up $245 / 1600 CNY.

CoinCompetition

 CoinCompetition leaderboard 23h47 090615 CoinCompetition leaderboard 23h47 090615

lenteracoinproject, kaymuddin and bonbon hold their long positions and lead in the standings. A few new names appear in the leaderboard, too, as the intra-day advance continues.

The winner of last week’s round of CoinCompetition joined us at xbt.social today – Welcome, Siexpert!.

Good Luck to all competitors for the coming week.

Join CoinCompetition and win bitcoins. Weekly round started June 8th. Winner: 1 BTC, Runner-Up: 0.25 BTC

Summary

While Bitcoin price holds above the 20-period moving average (green curve in the chart above), it generally continues advancing until a new high is made without having been preceded by reverse divergence. Price is currently approaching the 4-hour chart’s 200MA (purple in the chart above) and the intersection of this moving average with the overhead trendline, as well as, a triangle apex could spell reversal. Breaking above that level opens higher targets in the chart, but for now, we look to $234 (Bitfinex) and 1440 CNY (BTC-China).

Bitfinex orderbook depth gives no clues as to what we can expect in the coming hours and days:

 Bitfinex depth buysell volume 23h46 090615 Bitfinex depth buysell volume 23h46 090615

Click here for the CCN interactive price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.

Disclaimer

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.

Bitcoin price charts from TradingView.
Images from Shutterstock.

Updated: June 9, 2015 at 7:57 pm CET.

Join the free bitcoin trading competition and win 5 bitcoins + more here.