Posted in: Archive
Published:
May 20, 2015 7:47 PM UTC

Bitcoin Price Caught In A Trap

Bitcoin price is making small moves in a narrow space as traders lose track of direction and wave counts. It may be a countdown to a price surge or a build-up to a let-down. This analysis is provided by xbt.social with a 3 hour delay.…

Bitcoin price is making small moves in a narrow space as traders lose track of direction and wave counts. It may be a countdown to a price surge or a build-up to a let-down.

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: 16h01 UTC

Bitfinex 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

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

An untidy chart, but then again, the Bitcoin chart has been messy for months. Even so, glad to see that it sticks to the Fib lines.

The magenta line is a 1.618 Fib projection as well as the level of the 4-hour 200MA. xbt.social member L posted a wave count yesterday that implies decline to the longer-term Fib line near $225. This is possible, but it would first require us to see $230 and 1445 CNY give way.

CoinCompetition

The same names at the top – the most prudent amongst them holding cash positions in an uncertain market phase – while new names slide in: The reincarnation of Boem! being a welcome return to the eternal wheel of Samsara. Boem!, kaymuddin and cmGroup, no doubt, achieving their feats in the material plane with leveraged short trades. Amazing that even a $2 market move can rearrange the leaderboard… what will happen when Bitcoin returns to $10 and volatile $100 daily moves? Many more CoinCompetitions to come.

Time is your friend; impulse is your enemy. – Jack Bogle

Join CoinCompetition and win 5 bitcoins. Next round starts: June 1st.

Summary

A quiet Bitcoin price chart is winding down after a colossal decline, unparalleled in the history of markets. Some were chanting “Tulips” when Bitcoin hit $260 back in April 2013. Now they troll for covert hawkish agencies that are implementing block chain technology. The Bitcoin price chart may be a non-starter for a few weeks, but keep an eye on this space.

Bitstamp order book depth and Buy/Sell volume:

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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Last modified: January 25, 2020 11:06 PM UTC

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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