Bitcoin Analysis: Outlook Glum

Bitcoin price has been advancing all day, and it looks like the real thing but is it? As we know, the possibility of advance is restricted by a trendline near $245. If price can advance above this level, then several alerts will ring.

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Bitcoin Price Analysis


Time of analysis: 12h43 UTC

BTC-China 1-Hour Chart

BTC-China 1-Hour Chart

Why The Preference For BTC-China Charts In Analysis?

From the analysis pages of xbt.social, earlier today:

The narrowing of the range of price action continues, and we see the 1-hour 200MA capping the move higher. This is likely to be the theme for now, so it’s best not to bet too heavily in any direction. An option straddle centred around $235 could be the best trading strategy here, but the Bitcoin brokers do not yet offer instruments with this degree of sophistication.

For now price seems to be heading higher. The next update will follow once a directional move leaves the narrow trading range.

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Summary

There are Bitcoin traders out there with large and small wallets who are annoyed that they never bought at $50 and $70 two years ago. According to the chart technicals, we will never see that price again. Despite the negative persistence to sell via robot and hard manual labor, $230 and 1400 CNY seem to be the lower consolidation range and from here a lot of money is going to be made. This is the floor, so Bitcoiners should gradually start buying.

Bitfinex order book depth and Buy/Sell volume:

Selection_999(996)

Click here for the CCN interactive price chart.

What do readers think? Please comment below.

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Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Images from Shutterstock.

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About the author

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Venzen Khaosan

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect.

He has found a solution to the PKI mechanism. Email me to discuss.

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