Bitcoin price continues correcting as the prospect of advance dawns on the market. The general hesitancy to join trend is understandable given this chart’s perverse tendency to fake-out on apparent trending moves. The melodrama of decline in the Chinese exchanges has proven to be just that – every time. They cannot sell lower because there is nothing for the bears down there.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC Saturday
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Objective conditions continue to support a view of continuing advance.
Price advances above 1hr, 4hr, 1day, 3day and 1week 20MAs.
The potential reversal at $630 looms but seems less likely as 1day MACD crosses above its zero line at the time of writing. Yet, the situation remains: price advance is constrained by the $630 level and the MACD cross-over could happen but advance delayed until Sunday or Monday.
Our cut and