Tuesday, January 16, 2018
Home The Bitcoin News Bitcoin Price Retrying $700

Bitcoin Price Retrying $700


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

Another day and another wave of advance. Bitcoin price has broken through $680 and the market is currently with $700 which had caused deep correction a month ago. Technical analysis looks for up- and downside targets.

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: 14h00 UTC

Bitstamp 1-Hour Candle Chart

Selection_20160702_003

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

At 12h00 UTC it became apparent that price was preparing to launch from its consolidation zone below $680 (Bitstamp) and push higher. The 1hr stochastics (top panel) were dropping to their minimum and the xbt.social buy signals were starting to form. A trade recommendation was issued and within an hour the move above $680 resistance happened.

Price has now pushed into a contention zone (orange) that had previously seen a lot of conflicted price action. Additionally, today’s high targeted the 1.618 Fib extension, at $700 (Bitstamp), drawn from the second base wave. This means that expected profit taking will pause the advance below $700.

During the previous advance into this zone (left of chart) there had been an onset of strong selling that had drawn price toward the $650 level (magenta arrow) on three occasions. The same may or may not happen at the present juncture, but the sense remains that advance will eventually continue to the 1.618 Fib extension (near $755) of the first base wave.

If price breaks clear of this present contention zone, above $720, there is clear chart air to $755.

Summary

Bitcoin price has broken above the $680 resistance level and profit taking has paused advance below $700. A correction back to $650 cannot be ruled out at the present juncture, but the primary target still remains at $755.

Bitfinex Depth Chart and Buy/Sell Volume

Selection_20160702_004

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.

Disclaimer

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.

mm

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:
Bitcoin Price Watch; 700 In Focus To The Upside

It is Friday morning, and the end of the week from our bitcoin price trading perspective. With this comes the...

Close