Bitcoin price dropped once during the morning and by afternoon it did it again. Not a record but an unexpected show of resolve from a market that couldn't find direction for four days prior. This analysis is provided by xbt.social with a 3 hour delay.…
Bitcoin price dropped once during the morning and by afternoon it did it again. Not a record but an unexpected show of resolve from a market that couldn’t find direction for four days prior.
From the analysis pages of xbt.social, earlier today:
A look this morning at a wave count and cycle study by user100000 at TradingView:
The wave count implies a strong 3rd wave to the upside. The analyst’s diagonal counting is noteworthy and his wave count calls for immediate advance. The xbt.social view is “eventual advance” after ongoing consolidation around the 4-hr 800MA. user100000’s view is preferable, yet the Bitcoin chart must play out its internal mean reversion dynamics following a protracted decline.
The long-term cycle study by user100000 is an excellent piece of analysis and it corroborates the MA-based analysis presented at xbt.social earlier in May.
Anyone who feels fed-up with the Bitcoin market and analysis, in general, should at least have a look at the second link above – it is clearly presented and inspiring. (You can click-drag the price scale on the right-hand side of the chart to see the full historic chart)
The top two places sat out the $5 decline and held position. A surprise entry from mrbee who has entered the leaderboard with what looks like two sets of orders. A position in the leaderboard is precarious up to the last minute, and new entrants can enter with a good combination of luck and skill. Their names will live on.
I don’t want to achieve immortality through my work… I want to achieve it through not dying. – Woody Allen
Join CoinCompetition today and win 5 bitcoins. New entrants welcome.
Today’s initial move from the overnight low did not start with a strong bounce and the lack of momentum raised questions about direction. The afternoon drop only managed a marginal new low and one wonders if this is due to the move running out of steam, or if this is another consolidation being set up before a $5 drop on the weekend. We’re at the tail-end of a multi-year decline, so advance may take a while to get a foothold.
Bitfinex order book depth and Buy/Sell volume:
What do readers think? Please comment below.
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Last modified: January 25, 2020 11:06 PM UTC