Bitcoin Price Analysis

Bitstamp 1-Hour and 1-Day Candle Charts

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 From the analysis pages of xbt.social, earlier today: An ABC corrective pattern was anticipated in yesterday’s analysis: If this wave count is correct, then we’d expect the wave C to  target the 1.618 Fib extension of wave A at $664. This will also be the  approximate level of the 1hr 200MA, as well as a 50$665 in the Bitstamp chart before reversing (1hr chart, left). From the current juncture, the decline implied by the 4-hour chart (not shown) and 1-day candle chart (right) can resume. The 4-hour candle chart’s MACD, earlier today, crossed below its  signal line while below zero. Meanwhile, in the 1-day candle chart  (right), MACD has consistently held below its signal line since the June  wave top. The present daily candle is critical for trend: it is below a  Fib line that had seen strong downside unfold when correcting patterns  closed a daily candle below it on two previous occasions. However, today’s daily candle has not yet closed and bullish  conviction can close it above the Fib and potentially neutralize all of  the large timeframe bearish signals. In this case it is conceivable that  the market maintains strain against decline until a gradual rising wave  is achieved – as was, perhaps miraculously, managed earlier this year  in the magenta rectangle. 

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