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.
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Bitcoin Price Analysis
Time of analysis: 10h17 UTC
BTC-China 15-Minute Chart
Why The Preference For BTC-China Charts In Analysis?
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From the analysis pages of xbt.social, earlier today:
A look this morning at a wave count and cycle study by user100000 at TradingView:
user100000 Bitcoin Price Chart Elliott Wave Count
user100000 Bitcoin Price Chart Long-Term Cycle Analysis
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)
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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.
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Summary
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:
Click here for the CCN interactive price chart.
What do readers think? Please comment below.
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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.
