The bitcoin price rally reached close to $500 and 3600 CNY today. Advance is strong and has left the indicators tilted, yet technical tools such as support and resistance and moving averages allow traders to determine targets and likely entry and exit levels.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
That today’s 1-day price candle will confirm the $470 resistance as definitively broken, is not a maybe: it stretches green from $470 to $497 in the Bitstamp chart. OKCoin’s 3-month futures contract reached to $540 earlier today and the CNY charts have thundered past their November 2015 high.
The past two days’ advance has been unusually strong, and this raises some concern for a looming pullback, although the rally is (according to