Bitcoin Price Consolidating At $650

Journalist:
July 4, 2016

Bitcoin price, that old rascal, had shook out a lot of longs to $650 and is now building base waves, to $650, for a pending launch toward the June top.

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.

Bitcoin Price Analysis

Time of analysis: 14h00 UTC

Bitstamp 1-Hour Candle Chart

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

Bitcoin price has returned to above its 1hr 200MA and the interim correction to $650 (Bitstamp) appears complete.

It is unlikely that price will fling straight into advance and more likely that bitcoin price first does what it does most often: consolidate prior to the next wave of advance.

A market truism states: “Sell the rumor, buy the fact”. This may seem inappropriate to the “written in code” halving algorithm, yet, even so, the reality of halving and an end to the blocksize-debate era will mobilize even the most negative punter to put their money where their mouth is in the coming week.

Technically, $755 (Bitstamp) remains a target and beyond that – in the case of trend continuation – $1,350, but beware of the institutional players who have both the wallets and the incentive to make mid-year investor reports to $650.

Summary

Bitcoin price is near the bottom of its recent trading range near $650. Buy opportunities present themselves at every return toward this level. Once a series of base waves has formed and the 4-year halving algorithm clock strikes at the end of the week there should be strong momentum in the bitcoin price chart.

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.

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.