Bitcoin Price Surge Hits $360

Bitcoin price continued advance today in a strong surge that hit $360. At the time of writing price is drawing back as the market comes to terms with the day’s price action.

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

OKCoin 3Mth 1-Hour Chart

Selection_20151126_007

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

Price pushed higher in a manner that is characteristic of strong advance. However, initial surges during advance are often deeply retraced. Let’s look at what lies above first.

Assuming that the left-most “initial” wave’s 1.618 target will be achieved we get $400 as a target in the OKCoin 3Mth chart. This level overlaps with the next measurement’s 3.618 level – which increases the likelihood of the target being achieved.

What is odd is that $400 is in between two Fib line levels. Price may hit $400 and then come back down and eventually target the Fib line higher up (circled).

The red Fib line (visible in the top left corner of the chart) has been crisscrossed throughout September, October and November – it is a crucial Fib line – it is bound to be a target if this wave is an advance and not just a correction. It lies at $520 in the OKCoin 3Mth chart.

To the downside price can easily retrace 50% to 80% of the surge. This can place price back at the $340 level. Doing so will not imply a return to decline, until price trades below both the 1-hour 20MA (green) and 200MA (dotted red).

Summary

With this being an initial wave of advance, price may still retrace deeply before continuing to higher targets. The advice, as always during advance, is to take part profit at significant levels (such as Fib lines and extension targets) and to then add to you position when price resumes pushing higher in the chart.

Bitfinex Depth Chart and Buy/Sell Volume

Selection_20151126_008

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.

TheBitcoinNews.com – leading Bitcoin News source since 2012