Bitcoin price has faked advance, and now proceeds to retest the consolidation zone near $570 (Bitstamp).
Bitcoin Price Analysis
Time of analysis: 13h00 UTC Tuesday
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
For traders to get themselves in profitable trades, they only need to follow a method and apply the required discipline to stick to their method. And then, evidently, sometimes you have to defy the method! What a life.
At xbt,social we saw powerful bullish signals forming in the intermediate timeframe charts, during the past week, but decided on $600 as the trigger to entry. Precisely because the bitcoin market fakes-out prior to advance.
The chart signals have been out of sync during the past week – with larger timeframe indicator buy signals not being confirmed by their smaller timeframe companions making concurrent signals.
If the market was rushing into a rally then it would have attacked