Bitcoin Price Regains Consciousness

Bitcoin Price Regains Consciousness

Bitcoin price picked itself up from the dusty valley floor today. Although it’s looked more healthy, it appears nothing is broken.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

Bitfinex 1-Hour Chart


From the analysis pages of, earlier today:

Since yesterday’s low we’ve had 5 waves up. The advance has stopped at 15-minute 200MA (not shown) and is currently trailing the hour 20MA (green). At label 5 the advance is accompanied by reverse divergence in RSI. In other words, RSI is indicating a high exceeding previous highs that price is nowhere near reaching. Hence, the current downward correction.

It seems that at least a temporary low has been struck at $350 and 2350 CNY, and we now remain on the lookout for one of 3 outcomes:

1) Price is supported at yesterday’s low and consolidates sideways before

Read more ... source: TheBitcoinNews


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