Bitcoin Price Analysis: Looking Bullish But Bias Bearish

Bitcoin price continued sideways today in low volume trade that is looking more and more likely to turn to decline.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

OKCoin BTC/USD 4-Hour Chart

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

Two wave counts reflect the ambiguity of the current juncture of price.

At the present high inside the rising channel (dotted grey lines), the B-C-D count (black labels) has reached a corrective high from where we'd expect to see decline to at least $370 - the level of the base of the previous corrective advance.

An alternate wave count (red labels) is bullish and would see price accelerate to the upside in a rally toward $500.

Today's 15-minute and 1-hour charts (not shown) give the impression that price could be forming a base for another wave of advance. The price patterns since Sunday's pullback are similar to the price patterns that advanced price to the most recent high. However, with price trading at the intersection of two overhead trendlines - and having failed to break higher - the bias is bearish.

What may appear to be a slow advance will only be confirmed when price breaks above $330.

Summary

Price remains below critical resistance in the chart. If price can establish above $330 the chart technicals will confirm the start of advance. At the moment there is only a drawn-out and weak uptrend that appears to be a corrective since early March. If price breaks lower, downside targets are at $400 and $370. If a rally sparks to life, $500 is an evident initial target.

Bitfinex Depth Chart and Buy/Sell Volume

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Click here for the CCN.LA interactive bitcoin-price chart.

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Disclaimer

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

Bitcoin price charts from TradingView.
Image from Shutterstock.

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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.

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