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.
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.
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.
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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:
What do readers think? Please comment below.
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Last modified: January 25, 2020 11:06 PM UTC