Home BREAKING NEWS Bitcoin Price Edging Higher

Bitcoin Price Edging Higher

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Bitcoin price continues edging higher in strained advance. A pullback is due.

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Bitcoin Price Analysis

Time of analysis: 14h30 UTC

Bitstamp 4-Hour Chart

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

We now have a valid MA buy signal in the 1hr chart (not shown), but the conditions outlined in yesterday’s analysis remain unfulfilled for a long entry.

To summarize in the 4hr chart:

1) We want to see price advance above the overhead Fib line.

2) We wait to see if price reverses from $420.

3) If a base for advance forms then we can expect an outcome as in the price pattern in the extreme left of the chart.

Price should pull back from the present overbought conditions in the 15min and 1hr charts, form a base and give us a clear MA buy signal in both these timeframes. The target will be the intersection of the 1.618 Fib extension and the overhead resistance ceiling near $435 (Bitstamp)

Summary

Bitcoin price is heading upwards, but a reversal seems imminent. Wait for the conditions outlined above before going long.

Bitfinex Depth Chart and Buy/Sell Volume

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Click here for the CCN.LA interactive bitcoin-price chart.

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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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