Posted in: Archive
Published:
May 14, 2015 8:10 PM UTC

Bitcoin Price Dives Lower

The Bitcoin charts have price above a monthly pivot near $237 and 1460 CNY. Trade maintained a sideways price path since a late session drop of $10, yesterday, but as today's session progressed traders are trying an advance. This analysis is provided by xbt.social with…

The Bitcoin charts have price above a monthly pivot near $237 and 1460 CNY. Trade maintained a sideways price path since a late session drop of $10, yesterday, but as today’s session progressed traders are trying an advance.

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: 15h16 UTC

Bitfinex 1-Hour Chart

Why The Preference For BTC-China Charts In Analysis?

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

If price advances above $238 and 1460 CNY then the next chart event will be 1-hour RSI and MACD reverse divergence that will force price back down. We then have to see if price continues consolidation or whether the market wants to take price back up. The latter will involve a move back toward $250 which has just rejected price, so the move up will require some momentum if it is to make the break-out we have been anticipating all week.

A fierce battle in the current area of the chart. If the bulls can keep above the monthly pivot line and also gain position above the green 20MA, then they can have a chance at a reply of the price wave in the left of the chart (similar juncture circled in magenta).

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A major reshuffle on yesterday’s price drop and Fijibound, Diabolicus and bitmaster30 anticipated the market move perfectly for well-earned profits. Fijibound has changed completely into a cash position – a wise move, as the market consolidates before showing its next move.

Some of the names we’re used to seeing have dropped off the leaderboard. The ones who can position correctly on another 2 or 3 occasions in the coming two weeks will be back, no doubt.

Have no fear of perfection – you’ll never reach it. – Salvador Dali

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Summary

Bitcoin price dropped from $244 to $234 during yesterday’s late US session. Price has been in consolidation for most of today, but a bullish attempt at advance is underway at the time of writing. If the bulls are successful, price could ramp up to where it has just come from. Failure, a bearish victory, means targets much lower down.

Bitfinex 1hr/24hr Buy/Sell Volume:

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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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.

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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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