Home BREAKING NEWS Bitcoin Price Surges Above $400

Bitcoin Price Surges Above $400

Bitcoin Watch Shop

Bitcoin price caught a fire today and is pushing a green candle to the skies.

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: 15h00 UTC

Bitfinex 4-Hour Chart

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

A base for advance, with only two subwaves, formed during the past few days and primed bitcoin price for a launch higher.

The concatenated base took us by surprise and getting into the advance – after the fact – posed some risk. However, a strong surge toward the 4hr 200MA (red) continues relentlessly and soon had us in profit.

Anyone not in the current trend should wait for price to correct at curent levels (~$410-$420 Bitfinex). If trend will continue toward the 4-hour 200MA (red) in the coming days, then a push above $420 will be the que. The 4-hour 200MA is currently at $430 – a $10 distance higher – where another correction may form, so take profit without regret.

Summary

Yesterday’s analysis remarked that an advance would be preferable to decline in the chart. If this rally has legs then it should soon see bitcoin price at a new 12-month high. Should price turn back down, then the support level at $320 and 2100 CNY remains a prospect. In truth, continuing advance to $500 is a more desirable outcome, and getting above the 4-hour 200MA will be a confirmation of additional advance.

Bitfinex Depth Chart and Buy/Sell Volume

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

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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.

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