Thursday, January 18, 2018
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Bitcoin Price: The Rally Before Christmas

Bitcoin price has returned to its recent resistance ceiling where large sell orders have halted additional advance.

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Bitcoin Trading and Price Analysis

Time of analysis: 14h00 UTC

OKCoin BTC/USD Spot 1-Hour Chart

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

As remarked yesterday, a bullish 15-minute chart condition had catapulted price higher, but profit taking at the resistance ceiling near $460 and $3030 has prevented additional advance.

With price trading above its 1-hour 200MA and a bullish cross-over of the 20MA to above the 200MA, there is a high probability that the advance may continue, but let’s wait to see price break the resistance ceiling before making a bet on such an outcome.

Summary

Bitcoin price has risen to near its previous highs but the move may be part of a larger consolidation. Either price must hold above the 1-hour 200MA and advance to a new high, or price could drop back to the late December lows from where the real advancing wave will build.

Bitfinex Depth Chart and Buy/Sell Volume

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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.

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