Saturday, January 20, 2018
Home BREAKING NEWS Bitcoin Price In Precarious Recovery

Bitcoin Price In Precarious Recovery

Bitcoin price has found structural support in the chart and has started a tentative (but uncertain) advance. Caution into year-end.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis

Time of analysis: 15h00 UTC

OKCoin 3Mth 1-Hour Chart

Selection_20151227_006

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

Price seems to have found support near $400 and 2600 CNY and has been making slow but steady advance in a pattern that is not yet clearly impulsive. It may still be a correction before drawing sideways or even setting up additional decline.

Assuming for now that the decline is complete, and seeing that price is advancing, there is an imminent reverse divergence (magenta) to both the 1hr MACD and RSI awaiting price if it advances higher in the chart.

If this is indeed a resumption of advance then we should get a buy signal once price corrects the reverse divergence. If not, then additional decline or at least a return to the current low may print. Dropping below $400 will erase any hopes of advance resuming any time before the end of next week.

Summary

The year-end correction was strong but soon found technical support. While we may not yet have seen the final low, there is no evident reason for the market to engage in persistent selling. The prospects for Bitcoin have neven looked better and 2016 is certain to see some spectacular highs. In the meantime we wait for the best trades.

Bitfinex Depth Chart and Buy/Sell Volume

Selection_20151227_007

Click here for the CCN.LA interactive bitcoin price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Image from Shutterstock.

mm

TheBitcoinNews.com – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

Read previous post:
IDA Singapore and Banks Develop Blockchain App for Invoice Financing

Singapore is emerging to be one of the front-runners when it comes to innovation and adoption of new technologies in...

Close