Bitcoin price is setting up for advance but the consolidation process appears incomplete. A large wave of advance into the final months of 2016 is building pressure.
Bitcoin Price Analysis
Time of analysis: 12h00 UTC Friday
BTCC 1-Day Candle Chart
From the analysis pages of xbt.social, earlier today:
The 1day chart confirms that the indicators are setting up for a strong wave of advance.
MACD holds above zero and price holds above its 200MA – both bullish signals.
For there to be confidence of advance the 1day stochastics (at least the two fastest lines, top) should first group at their minimum prior to a rally.
Such a grouping seems likely within a few days to a week. If price drops lower it will speed up the stochastic grouping,