Bitcoin price continues holding a sideways course since the $550 high. Advance to $600 should be next but bull-headed buying into bearish technical conditions prevents the current price correction from completing, thereby, also delaying advance.
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
Price is tending lower but we’re not seeing a uniform combination of xbt.social sell signals across exchange charts.
Additionally, the local support level (blue) around $520 in the Bitfinex chart may prevent decline to the 1hr 200MA (red) near $510, so the recommendation is not to take the sell trade at this time.
Strong buying is preventing decline at every candle low, as if a bullish faction is actively preventing decline. The market wants to sell – we can see that from obvious sell signals forming – but as has been the case for most of the past 3 months, proportional decline just doesn’t manifest. This is concerning, since it only delays the inevitable.
Preferable would be a swift, sharp sell-off to support that completes the corrective move, followed by vigorous advance. Instead we get creeping price moves of uncertain direction and distance which is unfavorable to intraday trade.
After the stuttering price moves complete we’d expect an advance to the next major support and resistance level at $600.
Bitcoin price has moved non-descriptly since yesterday’s bearish post. Price remains in the $530s with a downward tendency but persistent buying keeping price action in a sideways path. A successful test of, at least, $500 would instill confidence in renewed advancing energy to the next advance target at $600.
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Bitcoin price charts from TradingView.
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Last modified (UTC): June 2, 2016 17:05