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Price of Bitcoin Back Above $400! 17 Jul 2016, midnight

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Price of Bitcoin Back Above $400!

Originall posted 7 Mar 2016 by

Bitcoin has climbed back above the $400 and 280 GBP. This could be an advancement or merely a correction prior to further decline, this remains to be seen.

Bitcoin Price Analysis Price has returned to the convergence of its two main 4 hour moving averages (Mas); the 20 MA and the 200 MA. In the 1hr chart we found that five waves formed to the upside; this may be a sufficient correction to see a decline happen immediately or the correction may be halfway, and the market may compound the correction by keeping trade in this area and fight to maintain price above or below the 4 hour moving averages.

Aside from upside RSI reverse divergence at all time-frames; there is no clear indication or MA signal anywhere to help predict what the Bitcoin price will do next. Likely, is the market contest price at current levels, thereby forming a corrective pattern setting up additional decline or a new base for advance. However, there is not yet a resolution about the impending hardfork, so pessimistic feelings may persist and decline eventually happen. - The price of Bitcoin has created some distance between its weekend reversal near $380 and the current trading level of $410. The current expected wave is changing amidst a mixture of technical signals; so we advise to wait for additional confirming indicators before betting on direction.


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