Bitcoin Price Surges But Remains Cautious

Bitcoin Price Surges But Remains Cautious

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Bitcoin price surges higher but remains within the area of the recent correction. Technical analysis looks at levels and confirmation of advance.

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Bitcoin Price Analysis

Time of analysis: 14h30 UTC

OKCoin 3Months Futures 1-Hour Candle Chart


From the analysis pages of, earlier today:

Price has surged higher from its 1-hour 20-period moving average (20MA).

Although this could very well be the start of the next wave of advance toward upside targets at $600 and $680, there are two concerns that warrant caution:

1) The small parabolic wave of the past few hours typically characterizes the ending of a surging move.

2) Price has not yet left the area of recent correction (blue rectangle).

Given the

Read more ... source: TheBitcoinNews

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