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Bitcoin Jumps $40, Back Above $600

Bitcoin price was drawing close to its 4hr candle chart 200-period moving average (200MA). A surpise break above this level opened advance yesterday.

from Crypto Coin News:

Exactly the sequnece of events we wanted to see in the chart.

Price is advancing above $600 and 4hr MACD (just above price) confirms the advancing move as it pushes above zero and its signal line.

It’s hard to conceive how the market will now reverse trend into decline. The declining scenarios mentioned during the past two weeks are negated by the massive volume required to push price $25 higher in a single candle. Ongoing advance is the most probable outcome, so we follow the whales. xbt.social opened a buy position at $593 (Bitstamp) earlier today.

Traders need a stop loss between $600 and the 1hr 200MA or 4hr 200MA near $575. A quarter size position allows a $20 stop-loss distance to $580

4hr RSI (second from top) should now unfold a series of reverse divergences to the wave top. The wave top – apparently – is near $720 with a potential major reaction around $680.

Good luck and good day.

Summary

Yesterday’s analysis had just been written when a group of whales hiked price by $25 in most exchange charts. The advancing scenario has a primary target at $680, that we’ll follow in the coming days.

Bitstamp Depth Chart and Buy/Sell Volume

Even though its advance time, the Bitstamp sellers reckon its time to get out of the market. Well that’s fine. More for the rest of us.

Selection_20160904_006

Click here for the CCN.LA interactive bitcoin-price chart.

Read More @ Cryptocoinsnews.com

 

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Bitcoin Jumps $40 after $18.88 Silver

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