Thursday, January 18, 2018
Home The Bitcoin News Bitcoin Price Tell Me You’ll Be True

Bitcoin Price Tell Me You’ll Be True

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

Bitcoin price is climbing in a choppy advance. Is this the base of a large advance, or just an upward correction in a sideways spell?

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now.

Bitcoin Price Analysis

Time of analysis: 14h00 UTC Friday

Bitstamp 4-Hour Candle Chart

Selection_20160826_004

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

No telling what is happening in the chart… a setup for advance, or decline? Or a long consolidation above $550?

The 1hr chart (not shown) continues to signal wildly and we pay it no mind. However, the 4hr chart (above) is interesting because it had previously given us a false buy signal, and is now on the verge of signaling a sell signal. Do we believe it?

Not without 1hr confirmation, and the 1hr chart is nowhere near signaling decline in any of its indicators.

Either price is climbing support along the rising grey trendline or – if price breaks below the trendline – will find support at the lower magenta trendline in the coming days. If price climbs above the overhead magenta trendline and the 200MA (red), then advance should become the outlook.

Eyes open because it is precisely when price action becomes uninteresting that sudden moves occur.

Summary

Bitcoin price is ambiguous. Traders should wait for price to climb above $660 or $550 before committing to a bet.

Bitstamp Depth Chart and Buy/Sell Volume

Selection_20160826_003

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:
Coinbase Enables Bitcoin, Ethereum Buying via Mobile in Europe

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

Close