Bitcoin price made a determined low to $226 (Bitfinex) and 1430 CNY (BTC-China), today. Selling pressure seems relentless and the decline may only be midway to the bottom. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not…
Bitcoin price made a determined low to $226 (Bitfinex) and 1430 CNY (BTC-China), today. Selling pressure seems relentless and the decline may only be midway to the bottom.
Time of analysis: 13h26 UTC
From the analysis pages of xbt.social, earlier today:
The earlier advance caused indicator divergence as it climbed higher. The same dynamic applies as described in yesterday’s analysis: every time an upward correction causes reverse divergence in the indicators, an additional low is possible.
Price is currently touching the support and resistance level around $225 and 1410 CNY (higher of the two magenta lines in the chart). It is not clear whether this is the middle of decline or its ending: strong divergence in the stochastics implies a move higher is required, but this decline seems relentless and may continue lower after a pause.
Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. – John Templeton
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Once Bitcoin price can break the divergence cycle and advance through upside reverse divergence, we’ll see price heading back up to the 4hr 200MA near $237 and 1470 CNY. Until then, price is below both the 20MA (green) and 200MA (red) in the 4-hour chart and decline could continue to $215 and 1300 CNY, as illustrated by the lower magenta level in today’s chart.
Bitfinex orderbook depth and Buy/Sell Volume:
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Last modified: January 25, 2020 11:05 PM UTC