Bitcoin price is gradually approaching $600 (Bitstamp) as the chart’s momentum indicators show ongoing compensation for last week’s strong sell-off. Could advance continue immediately? Possibly, but with a few obstacles to consider.
Bitcoin Price Analysis
Time of analysis: 13h00 UTC Sunday
Bitstamp 1-Day Candle Chart
From the analysis pages of xbt.social, earlier today:
Since the low struck at $465 (Bitstamp), last week, price has steadily advanced higher in the chart.
At the time of writing price has pushed to its 200-period moving average near $594 in the 1-hour chart (not shown). However, the 1-hour stochastics have begun falling away from their maximum and 1-hour RSI is diverging from the new high. This advancing wave may still tag $600 in the coming hours but indicators in the 1-day chart have not yet aligned sufficiently to give strong confidence of ongoing advance.
Following an alleged “hack theft” of approximately 120k BTC last week, the nefarious