Tuesday, December 12, 2017
Home BREAKING NEWS Bitcoin Price – Another Day, Another High

Bitcoin Price – Another Day, Another High

Bitcoin price pushed higher from $400 today and is currently attempting $420 in gravity defying 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: 14h00 UTC

OKCoin BTC/USD Spot 4-Hour Chart

Selection_20160217_003

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

Incredibly, another high for this wave.

The indicators are diverged at every timeframe from 5mins to 1day, but frankly, it has become futile to try and call a top for this wave. It cannot continue indefinitely without correcting, but so far it has defied reason, and may continue above the envelope

A somewhat pointless effort to find resistance shows a horizontal support resistance layer at the current level of price.

MACD, RSI and the stochastics are all diverged, as annotated.

There have been some entry opportunities into this trend, but its over-stretched upside distance perhaps leaves traders taking profit and then having to enter again. Hopefully this has been profitable for many, and good luck if you’re still in the trend. To this analyst the relentless advance seems incredulous.

Summary

Bitcoin price continues higher relentlessly and there are targets all the way up to $500, although a correction seems way overdue. The advance looked over-stretched at $380 and it is currently pushing $420, so its a matter of luck for those who brave this long trade!

Bitfinex Depth Chart and Buy/Sell Volume

Selection_20160217_004

Click here for the CCN.LA interactive bitcoin-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.

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