Saturday, January 20, 2018
Home The Bitcoin News Bitcoin Price Movement Due

Bitcoin Price Movement Due

Advertised sites are not endorsed by us. They may be unsafe, untrustworthy, or illegal in your jurisdiction.

Bitcoin price trend remains up but a downward correction prior to the next wave of advance remains likely.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now.

Bitcoin Price Analysis

Time of analysis: 14h00 UTC Thursday

Bitstamp 1-Hour Candle Chart

selection_20160915_002

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.

Summary

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

selection_20160915_003

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:
Gavin Smith: BitFinex Hack has Strengthened Bitcoin Industry

The last month’s security breach at BitFinex had lost traders more than $60 million worth of Bitcoin. It sparked confusion...

Close