Yesterday's Bitcoin price move exceeded expectations of how far it would push north in the chart. It was anticipated only to be a corrective move, but there were moments when it looked to be building up to a surge. In the end, it was corrective…
Yesterday’s Bitcoin price move exceeded expectations of how far it would push north in the chart. It was anticipated only to be a corrective move, but there were moments when it looked to be building up to a surge. In the end, it was corrective across exchange charts, and was followed today by a sell-off.
From the analysis pages of xbt.social, earlier today:
Indicator divergence to the upside heralded a turn back down and during the late Asian session a sell-off brought price to the support of the 1-hr 200MA.
We now wait to see if price will push lower – deeper into the support zone – toward the 4hr 200MA at $235 (Bitfinex) or perhaps to a horizontal support & resistance level at $230.
Once the chart shows a base forming we can start turning our attention back up but – let’s beware – this could equally well be the final, drawn-out taper before a gradual advance.
xbt.social collaboration means disagreements too:
Fijibound slips from the top position on failure to take a strong short position, making Winner the current CoinCompetition leader with 127% profit. Well done.
As speculated previously, a strong price move has rearranged the leaderboard, and two new names show up: Cliffe22 and Jerry Lopez. Boem! still holds a respectable 9th place with a minimalist 39 trades.
The following quote by trading legend, Paul Tudor Jones, is a good maxim for everyday trade but during competition you have to take more aggressive risks:
Don’t focus on making money; focus on protecting what you have. – Paul Tudor Jones
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Bitcoin price remains range bound. Despite today’s anticipated drop, we are unlikely to see large movements out the $220 to $250 range. In fact, failure to break above $250 (and the resistance layer near $242) may see price trapped in a narrowing range for several weeks.
Bitfinex Buy/Sell Volume is surprisingly balanced despite the strong sell-off encompassed by the 1-Hour indicator:
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