cryptocoinsnews.com / VENZEN KHAOSAN via xbt.social / 20/08/2015
Bitcoin price slammed down to support yesterday and again tested the $220 and 1450 CNY level overnight (UTC). There is never any justification for calling a bottom without confirmation in the chart, yet, there are technical indications that suggest advance.
Bitcoin Price Analysis
From the analysis pages of xbt.social, earlier today:
An overnight (UTC) decline failed to make a new low and the chart is primed to push higher.
Price had plunged below its 4-hour 200MA (red) to the support floor at $220 (Bitstamp). The most recent wave down failed to push lower and strong buying is evident on the upward rebound.
We now start looking for confirmations of advance – all the while expecting price to potentially only be in a correction. As the confirmations are affirmed through timeframes, we will build a position – a strategy not frequently used here at xbt.social, but that the present opportunity calls for.
Our first expectation is that price moves toward the 4-hour 20MA (green), currently near $240. Given the bullish bias of the chart, this is our first moderate target, although more lilely targets (and reaction levels) will be posted in xbt.social analysis updates during the course of today.