Bitcoin Price Avoids Drop Zone – Bullish Moves Again
Bitcoin price has advanced above the Fib line that has served as the pivot for consolidation during the past week. During the Asian session, price tagged the 4-hour 200-period moving average and looks set to continue the journey north after a corrective price wave has completed.
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.
Bitcoin Price Analysis
OKcoin 4-Hour Chart
Also Read:Why The Preference For BTC-China Charts In Analysis?
From the analysis pages of xbt.social, earlier today:
Firstly our assumptions:
- The upper envelope (discussed earlier in the week) in the daily chart is “tough” resistance. Price has, historically, not moved above it with ease.
- The 200MA is our “Great Attractor” in the 1-day timeframe.
- Until we have confirmation of advance, we assume the current wave to the upside is corrective and, therefore, will not be rallying uncontrollably beyond the envelope (currently near $270 and 1680 CNY) at a minimum and $300 at a maximum.
- If price defies expectation by advancing beyond $270, then $300 is possible. Advance beyond $300 opens the way to $550.
For now, we have an upside expectation that ranges between $250 and $300, with $270 as the maximum expectation for the current move higher.
A Fib retracement tool is drawn across the entire decline from $300, and the most significant 0.382 and 0.618 ratio levels are circled in magenta.
The location of the analysis envelope (pale blue curve) is circled in magenta. Notice that in the 4-hour chart price does occasionally move beyond the boundaries of our identified envelope. By inference, we can expect the current wave to the upside to top out, at a minimum, near the 0.618 Fib retracement level near $270.
The two most powerful warriors are patience and time. – Leo Tolstoy
Join CoinCompetition and win 5 bitcoins. Start: May 1st.
Summary
$270 has featured prominently in this analysis and represents the primary target for the current advance. Price may continue higher, but it will first need to spend some time between $250 and $270 in order to allow the moving averages to align properly for upward continuation.
Bitfinex orderbook depth: it’s been buying all day. A correction seems due.
Disclaimer
The writer trades Bitcoin. Trade and Investment is risky. btctalkradio accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.
Bitcoin price charts from TradingView.
Images from Shutterstock.
Via:https://www.cryptocoinsnews.com/bitcoin-price-avoids-drop-zone-bullish-moves/
by 