Bitcoin Price Cynicism Pulling Us Down

Journalist:
January 28, 2016

Bitcoin price is under the control of the bears. Cynical sellers are pulling us lower according to their sense of Bitcoin’s value. Bitcoin Core is 100% censorship resistant and will never go away.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

OKCoin 3Month Chart

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

A drop lower closes the 1/4 size position Buy trade at $380 (Bitstamp)

The drop is interesting because it did not achieve a new low – well, that may still follow later – and price has halted at a longterm supporting Fib trendline.

If price can maintain position here, we may see a surprise reversal to the upside, as happened in September last year. In this scenario we need to wait for price to maintain altitude before we think about trading again.

If price continues lower, that will be both disappointing and grim, since the next Fib line down is near $300 and may spell a period of consolidation down at previous support. Let’s hope this is not the case.

Now for the wait.

Summary

Even now, Silicon Valley echoes to an empty reverberation as Coinbase and other US companies seek to propagandise themselves as indispensable in the Bitcoin universe. For them to change a bitcoin or convert a dollar, they have to sock it to the fiat bank, so who tells them what to do?

Bitfinex Depth Chart and Buy/Sell Volume

Click here for the CCN.LA interactive bitcoin price chart.

What do readers think? Please comment below.

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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.