Posted in: Archive
Published:
May 4, 2015 8:04 PM UTC

Bitcoin Price Drop Stays Above Chart Support

Bitcoin price dropped sharply today as apparent nervous profit taking took hold. Price remained above critical 4-hour chart support in the form of the 200-period moving average. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a…

Bitcoin price dropped sharply today as apparent nervous profit taking took hold. Price remained above critical 4-hour chart support in the form of the 200-period moving average.

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: 16h59 UTC

Bitfinex 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

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

The sell-off was unexpected, but then, it is an ABC correction that fits with what came before. Corrections following previous waves in the chart had dropped to the same level just below the 15-minute 200MA.

There are now two likely paths for price action: 1) continue unfolding waves i and ii of the next wave of advance and then launch into a surge according to the entry condition of the TR, or 2) continue decline to below the 4-hour chart’s 200MA at $228 and 1455 CNY.

Currently, price is above both the 4-hour 20MA and 200MA, which is a bullish chart position. Rather than hope and pray for price to continue north it is best for us to get out of the market and see what price will do. Continuing to the upside, the existing TR’s entry conditions should be valid. Turning back into decline will see price drop below the 4-hour chart 200MA and then consolidate to it in a B wave.

CoinCompetition

The CoinCompetition leaderboard, today, features mostly the same group from yesterday. At the time of capture, price had not yet made the small sharp drop, which should have rearranged the standings. Kudos to Sebastian for that respectable profit on a few trades and, what was clearly a well-chosen entry.

Another interesting CoinCompetition twist emerged, lower down in the rankings, when the writer discovered, to his shock and disbelief, that he was a full two positions behind the obviously multi-talented David Parker! And there I was, thinking newsmen were only good at schmoozing the ladies at highlife social events…

CoinCompetition entry is free and it not too late to join. The Bitcoin price rollercoaster means late-comers can still shoot into the rankings on a only few good trades.

I was seldom able to see an opportunity until it had ceased to be one. – Mark Twain

Join CoinCompetition today and win 5 bitcoins.

Summary

Bitcoin price is holding above support for now but may decline deeper into the chart. If lower is on the cards, then price is not expected to decline below the multi-week support floor near $220 but to, instead, meander sideways above it. For now, price is still in bullish chart territory and advance in another upside wave is likely.

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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