Bitcoin price touched long-term resistance in the Bitstamp chart, today. Although the picture looks different across different exchange charts it is clear an important moment for the longer-term outlook has arrived.
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Time of analysis: 15h00 UTC Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
A persistent push higher looks different in different charts. The price action of the past few days has been building additional advancing waves, but the wave patterns themselves do not yet resemble impulsive advance. This does not mean that a rally cannot continue higher – bitcoin price sometimes moves in diagonal waves that consist of 3 wave patterns (ordinarily corrective) but that advance with more ferocity than the orthodox Elliott impulse wave.
What makes the current juncture of price unclear is the position of price in relation to a set of significant trendlines in the surrounding chart area. Overlapping Trendlines
The first is the descending long-term resistance line (grey) that we have been tracking as a watershed for several weeks. The Bitstamp chart reached this significant trendline today. The OKCoin USD and futures charts have broken this trendline to the upside, while the CNY exchanges are about 100 CNY (~$15) below this trendline. With different configurations in the different exchange charts, this level does not give us a unified signal that the market has broken significant long-term resistance.
The second important trendline has developed since March of this year and is a rising trendline (blue) that caps the zigzagging price action from the early March low until now. Again, the Bitstamp chart, today, reached this trendline where it intersects with […]
