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.
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Bitcoin Price Analysis
Time of analysis: 17h09 UTC
BTC-China 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
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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
CoinCompetition
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?
Summary
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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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.
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