Bitcoin price continues slumping as the smaller timeframe chart indicators continue to swing wildly.
Time of analysis: 13h00 UTC Wednesday
From the analysis pages of xbt.social, earlier today:
The chart signals are mixed. The 1hr chart’s indicators have become meaningless as the range of price narrows during apparent ongoing consolidation. The 1hr chart is, therefore, not anything to go by.
At the 4hr timeframe (above) we’ve just had a series of five advancing waves fall away from yesterday’s high. Price is still below the 4hr 200MA (at the red arrow) and the 4hr stochastics (top, blue circle) are falling away from their maximum. A low will, conceivably, only be struck when the stochastics group at zero. The 4hr chart implies ongoing consolidation – presumably until the 200MA declines to current levels.
In the 1day chart (not shown) MACD has stopped declining and is even slowly turning up in some exchange charts. Hopefully, this means that we see consolidation below $600 and then a surge higher.
At the moment it appears price is still slumping after the failed attempt at advance. Traders should sit out and give the price chart some time to work itself out – we have no other choice.
Be aggressive in a trending market and conservative in a choppy market. – Vadym Graifer
Bitcoin price is unwinding the failed attempt on $600. Best to stay out of a choppy market. Patience. The time to trade will be blatantly obvious.
What do readers think? Please comment below.
Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.
The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.
Bitcoin price charts from TradingView.
Image from Shutterstock.