Tuesday, January 23, 2018
Home The Bitcoin News Bitcoin Price Retesting $680

Bitcoin Price Retesting $680

Advertised sites are not endorsed by us. They may be unsafe, untrustworthy, or illegal in your jurisdiction.

The bitcoin price chart bubbles along just below $700 (Bitstamp) and mood in Bitcoin Land is positive. At the time of writing price is retesting the $680 (Bitstamp) level.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis

Time of analysis: 14h30 UTC

Bitfinex 1-Hour Candle Chart


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

The bitcoin price chart is receiving calls for a top at $700 and price is currently testing the critical $680 support and resistance level.

As pointed out in yesterday’s longer-term analysis, the $680 level represents the high range of an area of contention (during late 2013 and the first half of 2014) that reaches all the way back down to $600 and 4000CNY.

If price penetrates this level then a free-fall zone all the way to $600 will open up. Price may not target $600, but correction within this zone will certainly consume time.

Regardless of downward correction, the advance lacks the final parabolic price wave that we are used to seeing at the end of a bitcoin rally. Although there have been intermediate advances without such a final parabolic “blow-out”, we do not yet see topping behavior around $700: the tell-tale erratically jumping price candles, consecutive spikes to the upside, or “whip-sawing” price action.

However, there are several reasons to believe that price may spend some time being constrained by $700. It is a strong support resistance level in the USD charts, and the 1hr indicators (magenta) have room to the downside.


Now that price has achieved a level last seen more than two years ago, the market is exuberant and strong buying should continue. We’re seeing the second wave of profit taking from the rally top today and the market’s willingness to resume advance will be confirmed if price can hold above $680. Below that may wait time-consuming correction.

Bitfinex Depth Chart and Buy/Sell Volume


Click here for the CCN.LA interactive bitcoin-price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.


The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Image from Shutterstock.


TheBitcoinNews.com – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

Read previous post:
Self-Fulfilling Prophecy or Positive Feedback Loop? Bitcoin Traders Question Price Rally

While the price of bitcoin surged more than 16% between 11th and 12th June, the exact reason for the increase remains...