Bitcoin Price Analysis: Quiet Trade Above $450

Journalist:
May 14, 2016

Bitcoin price has not made any significant move during quiet Saturday trade. The start of day in the US may change that, but for now it looks like continuing inaction will be the prospect.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

Bitstamp 1-Hour Candle Chart

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

A quiet day in the bitcoin price chart as price sticks close to the 200-hour moving average.

Low volume trade keeps price within the constraints of the converging support near $449 (Bitstamp) and the horizontal resistance zone between $462 and $470.

The recommendation remains that traders and investors wait for price to establish above the red resistance zone before committing to buy positions. Similarly, if price breaks below the rising trendline, there may be an opportunity to buy bitcoin at support levels near $425 or $415.

Although the 1-day and 1-week charts, explored yesterday, imply a risk of decline (or a sharp correction), there is not yet any obvious clue of when such a downward price move may set in.

Summary

Bitcoin price continues sideways within a narrowing range. Pivots for a directional price move are $470 (Bitstamp) to the upside, and $449 to the downside. For now we can only wait for the market to move price beyond either of these S&R barriers.

Bitfinex Depth Chart and Buy/Sell Volume

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

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Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

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.

Venzen Khaosan @venzen

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.