Bitcoin price trend remains up but a downward correction prior to the next wave of advance remains likely.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC Thursday
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
We’re waiting for price to either surge higher or make a surprise downward correction but the market’s uncertainty to choose a direction keeps price action on a tightrope.
Overhead is the 1hr 200MA and below a support zone near $600.
We have MACD ready to pop above zero and its signal line (magenta circle) – a bullish indication.
The stochastics (blue circle, top) are rising from their minimum which is also bullish.
Of course, we’d like to see an explosive upward price move here, but the downside risk remains: and potential corrective targets are at $600 and as far down as $587, as per yesterday’s update.
Bitcoin price trades sideways below its 1hr 200MA and the market must soon choose direction. Let’s see, just maybe we get trend progression today, and a blast back to the recent high near $640. Perhaps price continues trading sideways and we only see a decisive movement when some exchanges do futures settlement on Friday.
Bitstamp Depth Chart and Buy/Sell Volume
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Bitcoin price charts from TradingView.
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