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.
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!
Plenty of contenders and only one lucky winner. It sounds like the stakes of Love, but there is no love in market, only cold reality for the rational and heartbreak for the emotional.
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.
Meanwhile, with David Parker sweating it out in the top 10, yours truly is enjoying the company of the most charming traders down in the chill-out zone near #500. Wanna trade bitcoins, bebeh? What? I know I’m just a young man, but I can create a multisig with you – I’ll never waste your transaction confirmation time, trust me – decentralized promise…
There’s enough food in the pantry for everyone. – James Brown
Join CoinCompetition today and win 5 bitcoins.
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:
What do readers think? Please comment below.
Readers can follow Bitcoin price analysis updates every day on CCN.
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.
Last modified: January 25, 2020 11:06 PM UTC