Bitcoin Price Advancing Steadily Towards $370 – Formulating An Atypical …

Bitcoin price rose to a high of around $365 earlier today, which is $5 short of yesterday’s high. Despite failure to print a higher high today, bitcoin price is still advancing along the new upward sloping trend line that we spotted yesterday. If the market’s bulls succeed at sustaining the current buying volume, we can expect the $370 resistance level to be tested within the next 24 hours.

Decrescendo Bullish Bursts On The 1 Hour Charts:

By examining the 1 hour (BTC/USD) charts from bitstamp (look at the below chart); plotting the 20, 50 and 100 SMMAs and keeping the upward sloping trend line we spotted during yesterday’s analysis, we can conclude the following:

  • During the past 48 hours, bitcoin price has been surging with a pattern that is characterized by bursts that consisting each of an upward surge followed by a downward price correction wave. Yesterday’s burst was stronger than today’s, yet the price is still advancing steadily along the new uptrend slope. A third successive weaker wave is expected to take bitcoin price to test the resistance at $370 within the next few hours.