Saturday, December 10, 2016
Bitcoin Price Reaching for $600

Bitcoin Price Reaching for $600

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Bitcoin price has held support and advanced on $600 and 4,000 CNY earlier today. However, the bear is not yet out of the woods.

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: 12h00 UTC Friday

Bitstamp 1-Hour Candle Chart

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From the analysis pages of xbt.social, earlier today:

The USD exchanges are attempting $600 while the CNY exchanges try to retake 4,000 CNY. This is encouraging since we’ve seen price hold above its critical 1day 50MA and now trying to reestablish above psychological support.

A bullish 1hr 20/50MA cross-over (chart right) was confirmed by a simultaneous full valid 15min MA signal a few hours ago – another encouraging sign that the market is trying to return to advance.

However, the journey to the upside is not going to be plain sailing and traders should wait for additional confirmation in the 1hr and 4hr timeframes: notice that the 1hr stochastics (magenta circle, top) are flashing red divergence

Read more ... source: TheBitcoinNews

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