Bitcoin price pushed higher from the horizontal support zone near $660. The outlook remains that the market is engaged in a sideways base formation prior to advance.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC Monday
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
A push higher, today, from the horizontal support in the low $560s.
The 4hr chart indicates ongoing consolidation, with MACD compressing and the stochastics (top) very quickly pushing back toward their maximum.
We expect price to continue drawing sideways as the 4hr 200MA descends into the area of price – then the surge higher toward $600 and a larger advance – hopefully in the coming days.
Price remains above its 1day 200MA and the 1day MACD has pulled out of its steep dive.
Notice the advancing stochastics, top right. xbt.social’s Buy recommendation remains valid and we wait to see advance above $600 (Bitstamp) – or another confirmed