Bitcoin price achieved $550 in the Bitstamp chart, today. With Bitfinex already having spiked to $570, it looks like price will now correct the wave of advance before pushing higher. Technical analysis looks for confirmation of the move, as well as its potential targets.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price continues drooping lower despite sustained, albeit low, buying volume. While the other exchanges drew sideways during the past 24 hours, Bitstamp made a bolt for – and hit – $550.
By now, the 1-hour candle chart indicators are confirming the subsequent move lower:
1) the stochastics (top) would typically seek to group at their lower extreme before we could confidently call the declining wave over.
2) RSI is still holding above