Bitcoin price wallows near a 15-month support line near $434. The market seems somber after a frustrating 5 months that had produced nothing in the chart to write home about. Perhaps it’s Saturday’s blue moon or perhaps it’s sheer exhaustion from ecosystem overload during the past year…
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
Not much to report as price slowly keels over into downside. The Bear is not showing any more commitment than his friend, Ferdinand the Bull, had during the past several months of non-advance in the chart.
In the OKCoin Quarterly Futures chart, price can be seen drawing out a typical sideways plateau prior to the next move lower.
The 1-hour chart’s stochastics (top panel) are dissociating from their maximum amidst upside and downside divergences, while MACD (the panel above price) is consolidating to its zero line.
A declining wave from the current level of price will run into long-term support near $434 (Bitstamp) where a Fib line originating from the 2015 low cuts through the chart. Price may continue bouncing on this line and build a base for advance, or if the market sells through it, a larger dose of decline will be self-administered by the Bear.
Bitcoin price is sticking close to long-term support near $434 (Bitstamp). If the market can hold this level, then it could build a base structure for additional advance. However, the preferable mechanism would be a sharp sell-off followed by a strong bounce through the $470 resistance ceiling that has prevented adavnce for the past 6 months.
Readers who missed yesterday’s article “Do fundamentals drive price?” are encouraged to read it and comment.
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Bitcoin price charts from TradingView.
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