Posted in: Archive
Published:
June 6, 2015 5:49 PM UTC

Bitcoin Price In a Flatline

Several days of correction have the Bitcoin price drawing a flatline around $225 and 1400 CNY. Whereas the chart used to give us $20 and $100 moves a month ago, we now see traders pour into $1.50 moves with everything they have. Price may continue…

Several days of correction have the Bitcoin price drawing a flatline around $225 and 1400 CNY. Whereas the chart used to give us $20 and $100 moves a month ago, we now see traders pour into $1.50 moves with everything they have. Price may continue consolidation for a while longer.

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Bitcoin Price Analysis


Time of analysis: 14h45 UTC

Bitstamp 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

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

Price is now forming what appears to be a base wave prior to advance. There may be a buy signal at its conclusion, allowing us to open positions into the advance easily and with low risk. In this scenario, price is unlikely to decline below $220 / 1375 CNY.

If price is curving down into a drop, then the previously identified targets at $215, $210 and $200 (on a spike) apply.

The price pattern reminds you that every movement of importance is but a repetition of similar price movements. – Jesse Livermore

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Many traders are holding long positions, as evidenced by their profit percentage dropping whenever price declines. Those who are positioned long would be wise to hedge positions both ways and take profit whenever price moves to opposite sides of $225. There may be a Sunday rally this weekend, but price may first go seek a bottom before heading up.

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Summary

Bitcoin price is at the lower end of a multi-month consolidation range. Market participants are in the mood for a rally, but price has been drawing a narrowing range and should eventually flatline before a gradual advance in the late summer.

Bitstamp orderbook depth and Buy/Sell Volume shows $225 is heavily guarded.

Click here for the CCN interactive 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 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.

Last modified: January 25, 2020 11:05 PM UTC

Venzen Khaosan @venzen

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.

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