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.
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
Siexpert, kaymuddin and Boem! lead the field. Not far behind, a familiar Winner is keeping up and the only ones missing are tiapan, Fijibound and the trading luchdore Diabolicus.
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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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.
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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.
Last modified: January 25, 2020 11:05 PM UTC