Bitcoin Price Advancing Strongly on Greek Defiance

Bitcoin price has reacted to the upside from the $240 level it has been trying all week. Our outlook was for decline once this level was breached, but today, following a surprise announcement by Greece that it will seek to exit the European Union defiantly and willfully default on its debts, Bitcoin started to advance.

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

Bitstamp 1-Hour Chart

Bitstamp 1-Hour Chart

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

Price has been rejected by attempts to breach $240 and progresses above the 1-hour 200MA. This is a strong sign that additional downside is unlikely to show in the chart. Either the wave must turn down soon and get below the 200MA (red) or this wave may use the available chart space to $258 before reacting

RSI reverse divergence is strong to the upside, and price may retest the 200MA in the hourly chart, but if the advance keeps its pace it may reach above $250 without correcting.

The announcement last night of a defiant Greek referendum to exit the EU and for Greece to default on its debts may have a bearing on what we see in the chart today. The announcement was made after the European market close on Friday, so Monday may see additional fireworks in the markets – while most should drop lower Bitcoin will benefit from the flight to safety. If price remains above the 1-hour 200MA then additional advance can be expected and we look at trading the move.

An object at rest tends to stay at rest and an object in motion tends to stay in motion with the same speed and in the same direction unless acted upon by an unbalanced force. – Isaac Newton

CoinCompetition

 CoinCompetition leaderboard 23h47 270615

A trader called Coin Muncher is devouring the chart. His appetite for advance is unquenchable and if this wave keeps on running north he’s going to supersize his profit and win the CoinCompetition outright.

s.a.imports is in second place, promoting his company in Saudi Arabia to Bitcoin trading glory.

A familiar name from the past, Rahul, trails the leaders in 3rd place and down in 6th place the amicable ineedavacation. The 1 BTC prize money may buy you a trip on the Virgin Galactic space flight at the end of this rally. You’ll get your vacation and see Bitcoin on the moon.

Join CoinCompetition and win bitcoins. Winner: 1 BTC, Runner-Up: 0.25 BTC

Summary

Bitcoin is advancing strongly following repeated tests of the $240 support level. The move higher may be fueled by news of a defiant Greek exit from the EU. As long as price remains above the 1-hour chart 200MA we can expect the move to continue to at least $258 before a larger price reaction.

BTC-China, Bitfinex and BTC-e orderbooks:

 Bitfinex depth buysell volume 23h47 270615

Click here for the CCN.LA 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.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.