Bitcoin Price Approaching a Watershed

May 17, 2015 23:27 UTC

Bitcoin price has been maintaining a narrow trading zone during the past four days. This condition usually heralds a strong move initiated by a surge. Which way will the surge break? Today’s brief analysis update shows there is no agreement among traders.

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Bitcoin Price Analysis


Time of analysis: 15h44 UTC

Bitfinex 15-Minute Chart

Also Read:Why The Preference For BTC-China Charts In Analysis?

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

Slow progress. It would appear that price is either setting up for the advance, to commence in hours, or that price is only, now, ending the base wave and preparing for a last test of the lows.

The longer-term consolidation below $300 may wind a wide price path before returning to the current price level. An advance, here, faces tough resistance to the upside, but that is always the challenge after a prolonged decline.

There is still risk that price may drop through $232 like a stone and head for targets at $230, $225 and $215 to complete a corrective wave near the consolidation lows.

In a rare turn-out, xbt.social members fail to reach consensus about which direction to trade:

CoinCompetition

In the 24 hours since our last look at the leaderboard, Fijibound has kept the No.1 place by holding his cash position. Outlander has climbed to No.2 by skillfully trading the small price waves that unfolded in the interim and displaces Camille.

The price move that is about to unfold in the coming hours promises to paint some long candles in the chart. Their color remains to be seen, and only the traders who correctly anticipate green or red will remain on the leaderboard.

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Summary

Bitcoin price continues trading sideways. A watershed approaches and the market is likely to trade price below $230 or above $240 once the tipping point arrives.

Bitfinex orderbook depth and Buy/Sell Volume:
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Click here for the CCN interactive 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.

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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.
Images from Shutterstock.

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