Bitcoin price pushed through an important trendline intersection today. The technical picture biases further toward a bullish outlook. Time for traders to take aim, but don’t loose your arrows just yet.
Bitcoin Price Analysis
Time of analysis: 13h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
The attached 1hr chart shows price action since the beginning of July. The orange line ascending from left to right is a Fib line that originates from the January 2015 low and it continues to attract price until now.
The blue line descending from the top left of the chart is a trendline that originates at the June high and runs across all recent price highs since then. As the market often does, it advanced price above the upper trendline at a significant intersection. This could be a pivotal event in the chart: if price remains above both trendlines then we