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.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

OKCoin 3Mth 1-Hour Chart


From the analysis pages of, 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

Read more ... source: TheBitcoinNews


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