BITCOIN PRICE: FOMC AND US RATES INCREASE

cryptocoinsnews.com / BY VENZEN KHAOSAN  VIA xbt.social / 28/07/2015

Yesterday’s Bitcoin price move had pulled down to a local support floor near $286 (Bitstamp) and immediately began building a base for another wave of advance. With the prospect of an FOMC statement confirming US rates increases, tomorrow, the price chart should show a strong upside reaction between now and Wednesday evening.

Bitcoin Price Analysis

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

By 17h00 UTC, yesterday, an advancing wave launched from the local support floor near $286 toward $300 and briefly touched $297 before entering the correction presently unfolding in the chart.

The OKCoin 3Month futures chart held near $310 for several hours and the CNY charts of BTC-China and Huobi also pushed above their 1800 CNY psych level.

The 15-minute chart, above, shows that the indicators are forming reverse divergence in relation to price as it retraces to a higher low – MACD (bottom) and RSI (second from top) are making lower lows in relation to the previous subwave downswing. The xbt.social RSI is flashing a red dot to confirm the potential reversal.

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