Bitcoin Price And The Bear(TM)

Bitcoin price is caught in a negative social mood. Trading below the critical $400 level, and descending, what can we say?

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

OKCoin 3Month 1-Hour Chart

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

Price is drawing lower beneath its 200-period moving average. It is not clear if we'll see $300 eventually, but negative mood pulls the king of commodities lower.

The amount of money invested in Bitcoin Core is large. Silicon Valley seems to think that they can disrupt that investment with a nilly-willy fork. That's not clear thinking. Censorship-resistance means that Bitcoin Core remains a permanent feature and Classic(TM) and Unlimited will never succeed, like the failed pretender-XT.

Summary

Bitcoin price is trading lower in negative mood. The antagonists are clear to see. Later we expect a reward-halving rally, but for now it's lower on negative expectation.

Bitfinex Depth Chart and Buy/Sell Volume

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

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

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.

Last modified (UTC): January 31, 2016 2:13 AM

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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.

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