Bitcoin price has been bubbling under a strong resistance layer and with an apparent five wave impulse visible in the chart, the market is stumbling over itself trying to position for the Big One. Technical analysis reveals there is tough resistance overhead. This analysis is…
Bitcoin price has been bubbling under a strong resistance layer and with an apparent five wave impulse visible in the chart, the market is stumbling over itself trying to position for the Big One. Technical analysis reveals there is tough resistance overhead.
From the analysis pages of xbt.social, earlier today:
A difficult move to call: the MA buy signal is there, price is testing and retesting the adjacent Fib line, and there is a structure resembling an A-B base of which this could be wave C.
However, the overhead resistance is not trivial. The move up has stalled at the Fib line and seems to lack the buy-in that would generate the necessary momentum to breach long-term resistance.
It may be that the market starts piling into this move and that it picks up momentum, in which case it could make the break above $250. The question is, What do we do? Do we get in – we are within the parameters of our xbt.social Trade Recommendation – or do we wait for $250 as proposed before? Would we miss out on a surge above $250 if we didn’t get in now? Lots of questions and no easy answers.
If today is, indeed, the day of the surge then the market must lead the way. We hold out for an upside break-out – failing which – we lower the periscope and prepare to dive, as per last week’s xbt.social long-term analysis.
xbt.social members keep a lookout for market activity
Going down the leaderboard, we see warren101 at No. 1, putting in an explosive show of order juggling gaining him 82% profit on his starting capital of $10,000. bagja and altron77as hold second and third. Mr. Less-is-More, Boem, holds fourth – still with only ten orders executed.
Hey, at No.8! No, it can’t be.
The rest of the field are mostly familiar names and the coming 24 hours will be crucial. Who will position correctly for the next phase of the Bitcoin price story this May?
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Bitcoin price is at a critical juncture. Advance to a new high will pave the way to $300, or will it? There is no way to be sure what the market will do during the coming hours, but either way, it will unleash a lot of trade activity! If you’ve been following the xbt.social analysis updates posted here at CCN, you will be aware of the support floor at $215 / 1300 CNY and our outlook if advance should not make the break to above $250.
Bitfinex orderbook depth and Buy/Sell volume:
What do readers think? Please comment below.
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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