Posted in: Archive
Published:
May 25, 2015 3:07 PM UTC

Bitcoin Price Dips Lower in Trading Range

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.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis


Time of analysis: 12h04 UTC

Bitfinex 1-Hour Chart

Why The Preference For BTC-China Charts In Analysis?

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.

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CoinCOmpetition

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Summary

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:

Click here for the CCN interactive price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

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Readers can follow Bitcoin price analysis updates every day on CCN.

Disclaimer

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.

Bitcoin price charts from TradingView.
Images from Shutterstock.

Last modified: January 25, 2020 11:06 PM UTC

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.

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