Bitcoin Price Has Some Wiggle-Room

Bitcoin price has been going through the motions of ticking out a slow correction above $220 and below the 1-hour 200MA (red). The slow progress means there have been few analysis updates during the past days. At the moment there seems to be a signal in the 4-hour chart.

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Bitcoin Price Analysis

Time of analysis: 04h18 UTC

Bitstamp 4-Hour Chart

Bitstamp 4-Hour Chart

From the analysis pages of, earlier today:

We have to remain patient since this condition may continue for a while.

Keeping below the 200MA implies that price will eventually fall away to the downside. We have to keep two things in mind:

1) If price climbs above the 200MA in the coming hours or days, then we have to change our outlook to additional advance.

2) At some point we expect a corrective wave to the upside (to near $250) – the current wave may be part of it, or it may only develop after another declining wave or two to

Read more ... source: CryptoCoinsNews