Bitcoin price has reacted to the upside from the $240 level it has been trying all week. Our outlook was for decline once this level was breached, but today, following a surprise announcement by Greece that it will seek to exit the European Union defiantly and willfully default on its debts, Bitcoin started to advance.
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Bitcoin Price Analysis
Time of analysis: 16h59 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
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Price has been rejected by attempts to breach $240 and progresses above the 1-hour 200MA. This is a strong sign that additional downside is unlikely to show in the chart. Either the wave must turn down soon and get below the 200MA (red) or this wave may use the available chart space to $258 before reacting
RSI reverse divergence is strong to the upside, and price may retest the 200MA in the hourly chart, but if the advance keeps its pace it may reach above $250 without correcting.
The announcement last night of a defiant Greek referendum to exit the EU and for Greece to default on its debts may have a bearing on what we see in the chart today. The announcement was made after the European market close on Friday, so Monday may see additional fireworks in the markets – while most should drop lower Bitcoin will benefit from the flight to safety. If price remains above the 1-hour 200MA then additional advance can be expected and we look at trading the move.
An object at rest tends to stay at rest and an object in motion tends to stay in motion with the same speed and in the same direction unless acted upon by an unbalanced force. – Isaac Newton
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Summary
Bitcoin is advancing strongly following repeated tests of the $240 support level. The move higher may be fueled by news of a defiant Greek exit from the EU. As long as price remains above the 1-hour chart 200MA we can expect the move to continue to at least $258 before a larger price reaction.
BTC-China, Bitfinex and BTC-e orderbooks:
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Disclaimer
The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.
Bitcoin price charts from TradingView.
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