Bitcoin Trading Correlates Gold 1.0

Bitcoin Trading Correlates Gold 1.0

Bitcoin trading joined gold, today, when it halted advance and tipped into correction. Although not a trading recommendation, just yet, technical indications imply a return to at least the January lows.

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Bitcoin Price and Trading Analysis

Time of analysis: 14h00 UTC

OKCoin BTC/USD Spot 1-Hour Chart


From the analysis pages of, earlier today:

Yesterday’s contradictory signals eventually folded to the side of the bulls as they pushed the advance $10 higher. In the process the state of the momentum indicators had become further diverged from price:

1) 1hr RSI (panel immediately above price) diverged to the two most recent price highs
2) The stochastic indicators (above RSI) also diverged and returned to their lower extreme
3) MACD (second from top) shows even momentum with compounding divergence (red dots)
4) Average True Range

Read more ... source: TheBitcoinNews


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