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.
Bitcoin Price Analysis
BTC-China 1-Hour Chart
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.
The current leaderboard deserves accolades and praise for their achievement and hard work. If they can keep up the prescience of mind, we have some true trading champions in blazing action.
Life is and will ever remain an equation incapable of solution, but it contains certain known factors. - Nikola Tesla
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:
What do readers think? Please comment below.
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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.