Bitcoin price caught a fire today and is pushing a green candle to the skies.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitfinex 4-Hour Chart
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.
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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Bitcoin price charts from TradingView.
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