Posted in: Archive
Published:
May 10, 2015 1:30 AM UTC

Bitcoin Price Drop From $249

A terrific wave surged higher during the past two days and reached $249 (Bitfinex) before dropping almost $10 in a sell-off. The current intention of the market is uncertain - apparently to the market, too - as price hangs in an awkward zone between continued…

A terrific wave surged higher during the past two days and reached $249 (Bitfinex) before dropping almost $10 in a sell-off. The current intention of the market is uncertain – apparently to the market, too – as price hangs in an awkward zone between continued advance and a return to the lower consolidation area.

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: 14h54 UTC

Bitfinex 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

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

A clean chart and we focus on the magenta annotations. If we do not see a drop to support here, it may very well be a swift wave 2 correction to the red 200MA before the next wave up. If this is the case, the next wave up will be wave iii and could be a super surge to $255 or beyond. We’d want to be in on that, and the correct place to get in would be once we see signs of reversal at the 200MA or (in case of another low) near $235.

The similarities to the previous wave ii are annotated in magenta [not visible]. Once the stochastics flatten out at their zero line, and we see reverse divergence to the downside, we’ll have certainty of a bottom. If no convincing low is indicated, it will be a case of assessing whether the largest players want to take this lower still. As the chart stands, MACD reverse divergence implies that another high may be on the cards, but the wave shape looks like it wants a new low.

CoinCompetition

Shortly after last night’s post, Coinarch had a “Maintenance” sign up. By this morning (UTC) the platform was up and running again, but it appears the leaderboard is not updating. I’ve sent an email requesting more information and Coinarch have not yet responded with an explanation. They seem to have their hands full with a technical error and with this being the first CoinCompetition and their first deployment of the new demo trading platform being used for CoinCompeition, we’ll allow them some teething problems.

It was never my thinking that made the big money for me, it always was sitting. – Jesse Livermore

Join CoinCompetition today and win 5 bitcoins. New entrants welcome.

Summary

Bitcoin price made a new recovery high earlier today but fell back to $240 as soon as the high was struck. Price is now in an unclear chart position with no clear indication of which way next. The momentum indicators imply a move higher, and order book data adds bullish bias, but as mentioned before, the wave pattern looks like it wants to go lower.

Bitfinex Orderbook and Buy/Sell Volume has a hint of bullish continuation about it:

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.

[divider]CCN[/divider]

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.

Now Watch: CCN TV

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.

Show comments