Posted in: Archive
Published:
May 6, 2015 10:11 PM UTC

Bitcoin Price Correction Bounces Sideways

From yesterday's upside action were seeing sideways price action today. The sellers and bots are active, expecting more downside, but their's is a losing game: decline has a floor below, even if price pulls lower it must eventually go up according to chart dynamics. This…

From yesterday’s upside action were seeing sideways price action today. The sellers and bots are active, expecting more downside, but their’s is a losing game: decline has a floor below, even if price pulls lower it must eventually go up according to chart dynamics.

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: 14h37 UTC

BTC-China 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

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

The buy signal is waning as price is making additional corrective subwaves and it appears the market wants to pull the current wave lower. The underlying market objective is probably to get more corrective price action to draw the MAs closer together at the larger timeframes.

Disappointing if we don’t see a buy signal here because the downside is a quagmire of low volatility and a small price range that will leave us wondering about trade opportunities until advance is confirmed.

It’s no-one’s fault, and there is no blame – we are dealing with the tail-end of a 14-month decline. Upside may still transpire, but it looks shaky at the moment, as the sellers seem to slowly regain control. Give it time, but don’t get involved in downside – it’s a losing game so close to the bottom.

One observation: In the market, they say the bull climbs up the stairs and the bears falls out the first floor window. It’s the principle of advance and decline. But if the bear continuously flings himself out the window – is that clever, or is that just plain dumb? You can’t can’t keep selling like you did last season, you imbecile. This is Bitcoin, not the Japanese Yen. Bearish sentiment will eventually see you dragged up the stairs!

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Little change in the leaderboard, other than a shrinking of the profit margins as leading contenders hold on to short positions, probably praying for Bitcoin $100 please.

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Summary

Bitcoin price is winding sideways as the bots pull lower against the Bulls amidst larger chart dynamics that require consolidation or a surge. This could be the theme for several weeks, as the pessimism of the decline wanes and the Bitcoin upside potential become an inevitable reality.

Bitstamp orderbook implies crushing upside selling resistance:

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.

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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