Bitcoin Price Finds Intermediate Support

January 11, 2016 18:43 UTC

Bitcoin price is holding to a previous chart structure after finding support near 2900 CNY and $440.

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: 14h30 UTC

BTCC 1-Hour Chart

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

The 1hr 200MA provided support just below 2900 CNY and $440 overnight. Price has pushed higher – apparently in 5 waves – around our reference Fib line (red).

One scenario we could expect is that the market engages in a relief rally after the failure of XT to make any noticeable impact at its initial implementation date.

However, for the time being advancing price action has made a deep correction and we have no convincing Buy signal, so let’s do what all traders should do best and be patient!

Summary

The 1hr 200MA has provided the support discussed in yesterday’s analysis. Currently price is holding an advancing line around the advancing Fib line that has defined price action for the past several weeks. Although the chart looks to be advancing we await a Buy signal before opening any position in the chart.

Bitfinex Depth Chart and Buy/Sell Volume

Click here for the CCN.LA interactive bitcoin 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.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.

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