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Bitcoin price retraced all of the advance since yesterday’s post, but a 1-hour chart RSI divergence combination implies another wave to $600 (Bitstamp).
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitfinex 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
As anticipated yesterday, price had corrected slightly downwards from its price peak, consolidated toward the 1hr 20MA (green) and then advanced toward $600 (Bitstamp).
However, during the course of the day – and prior to achieving the $600 target – a sell-off pulled price back to the 20MA where it is now consolidating.
The combination of two RSI indications implies that price is likely to complete the advance to $600.