Bitcoin price decline intensifies. Many participants are expressing anger at the prospect. However, remember that you share this market with bitcoin price whales – some of them orcas feeding on your buy positions, right now.
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
Bitcoin price decline intensifies under the bearish conditions emphasized in yesterday’s analysis post.
It’s been a long time since we’ve seen the bitcoin price charts so bearish across timeframes. Of course, there is no other asset out there that even comes close to Bitcoin’s super-fundamentals (censorship resistance, cryptographic security, mathematical consensus), yet, being unregulated (and beyond regulation by design) and floating freely in the open market, the price chart is traded up and down like any other commodity – irrespective of fundamentals or news events.
The 4hr view is shown in the attached chart.
Breach of the ascending blue trendline signals that the largest players are willing to concede some selling – despite ample resources in a market with low liquidity, they failed to defend that trendline.
Conceivable S&R was annotated, in yesterday’s chart, with magenta arrows where Fib extension targets overlap with previous horizontal S&R at $600 and $560 (the previous decline low).
A miracle may halt decline, but, from the technicals, it looks like a bout of selling is about to grip this market.
Bitcoin price continues decline. If you’re hodling, bite your government passbook. If you’re trading with leverage, aim for $600 (Bitstamp). It’s only decline from here on out, according to the chart technicals.
What do readers think? Please comment below.
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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.
Last modified (UTC): July 22, 2016 17:24