Bitcoin price is slowly advancing after hitting $235 and 1440 CNY in an xbt.social forecasted breakout.
Bitcoin Price Analysis
Time of analysis: 14h18 UTC
Bitfinex 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
Up close to the BTC-e chart and the continuing consolidation. This is not the price pattern that we’re used to seeing during consolidation prior to a drop. The greater probability is a move higher. Targeting is still an unresolved issue, and it must be asked whether our target at $240 and then $270 is sensible. Discussion and further analysis may provide some answers.
The Trade Recommendation is now open. Members would have noticed that there was no upside breakout in the other exchange charts and no accompanying buy signal from the MAs in the 1-hour chart. We still await the entry condition.
As it turned out [xbt.social member] P’s long-term trendline was the watershed to this move up – and at the position he identified. Additionally, [other xbt.social member] P’s price of $235 was the breakout’s target.
Notice that this wave up and the previous instance (around 22 April) appear to be identical, with the current wave still seeming to lack the ending diagonal wave 5 that should see it top at $240. Their RSI and Stochastic signatures are also similar, and these combined features increase the probability that we see an ending diagonal in the current wave position.
The price pattern reminds you that every movement of importance is but a repetition of similar price movements, that just as soon as you can familiarize yourself with the actions of the past, you will be able to anticipate and act correctly and profitably upon forthcoming movements. – Jesse Livermore
Notice that Bitfinex price has already tagged the 4-hour 200MA today. During the recent decline from $300, price has consistently traded below the 200MA and, more recently, failed to get close to it – nevermind touch it. So, that is one significant development that hints at trend change.
Bitcoin price made a break out of consolidation under the circumstances outlined earlier this week. The market is gradually trading price toward $240 in a diagonal. Additional advance above this level may pose a journey with too much resistance fighting for this market, and a move back to support can be expected.
Bitfinex Buy/Sell Volume in equilibrium:
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Bitcoin price charts from TradingView.
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