Yesterday's 4-hour chart reversal signal had seen price turn down, but only briefly. The declining wave did not make a new local low and reverse divergence has forced price to the upside again. Technical analysis finds this advancing wave has little hope of making headway.…
Yesterday’s 4-hour chart reversal signal had seen price turn down, but only briefly. The declining wave did not make a new local low and reverse divergence has forced price to the upside again. Technical analysis finds this advancing wave has little hope of making headway.
Time of analysis: 17h09 UTC
From the analysis pages of xbt.social, earlier today:
Here in the 1-hour chart, price has returned to the level of the green 20MA. The MAs are apparently forming a sell signal and we wait to see when price will turn down and what downside target price will achieve. The persistence of the advance – though weak – is notable.
Before turning back down price looks to have another new high to make – the downward sloping price wave currently tracing the path of the green 20MA is zigzagging in a corrective manner and should see another push higher.
The sluggish price action makes sideways meandering likely, but if decline takes hold, its obvious targets are the red 200MA ($227 / 1410 CNY) and the previous low at $220 / 1370 CNY.
Remember the clever speculator is always patient and has a reserve of cash. – Jesse Livermore
s68k pulls ahead of the pack but remains within earshot of the mouse clicks of the Neolystic1. KLajosK is now in 3rd place and only 0.3% away from the 30% profit mark that has eluded most traders in this round.
Ripping through the quiet market, Arzole cuts himself some cheese on the leaderboard – with two trades like winds passing in the night. His name seems familiar… but I can’t quite place it – is it a famous trader or a politician, perhaps?
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Given the slowing pace of price action during the past week, it is unclear if the decline implied by the chart technicals will be strong. As seen, yesterday, in the 4-hour chart, the two faster 4-hour stochastics will seek to return to their lower extreme before the move down could be considered complete. It may happen quickly or it may take a week or more – quicker being preferable, so we may look for an opportunity to trade long with the next wave up.
Bitstamp orderbook depth and Buy/Sell Volume
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Last modified: January 8, 2020 3:22 PM UTC