Bitcoin price pushed higher from $400 today and is currently attempting $420 in gravity defying advance.
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Bitcoin Price Analysis
Time of analysis: 14h00 UTC
OKCoin BTC/USD Spot 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Incredibly, another high for this wave.
The indicators are diverged at every timeframe from 5mins to 1day, but frankly, it has become futile to try and call a top for this wave. It cannot continue indefinitely without correcting, but so far it has defied reason, and may continue above the envelope
A somewhat pointless effort to find resistance shows a horizontal support & resistance layer at the current level of price.
MACD, RSI and the stochastics are all diverged, as annotated.
There have been some entry opportunities into this trend, but its over-stretched upside distance perhaps leaves traders taking profit and then having to enter again. Hopefully this has been profitable for many, and good luck if you’re still in the trend. To this analyst the relentless advance seems incredulous.
Summary
Bitcoin price continues higher relentlessly and there are targets all the way up to $500, although a correction seems way overdue. The advance looked over-stretched at $380 and it is currently pushing $420, so its a matter of luck for those who brave this long trade!
Bitfinex Depth Chart and Buy/Sell Volume
Click here for the CCN.LA interactive bitcoin-price chart.
What do readers think? Please comment below.
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