Bitcoin Price Analysis: Critical Moment For Trend

Bitcoin Price Analysis: Critical Moment For Trend

Bitcoin price touched long-term resistance in the Bitstamp chart, today. Although the picture looks different across different exchange charts it is clear an important moment for the longer-term outlook has arrived.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

Bitstamp 4-Hour Chart

Selection_20160416_002

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

A persistent push higher looks different in different charts. The price action of the past few days has been building additional advancing waves, but the wave patterns themselves do not yet resemble impulsive advance. This does not mean that a rally cannot continue higher – bitcoin price sometimes moves in diagonal waves that consist of 3 wave patterns (ordinarily corrective) but that advance with more ferocity than the orthodox Elliott impulse wave.

What makes the current juncture of price unclear is the position

Read more ... source: TheBitcoinNews

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