Posted in: Archive
Published:
April 23, 2015 7:40 PM UTC

Bitcoin Price Going Lower To Go Higher

Ongoing Bitcoin price correction after an advancing wave from $220 to $240. The 15-minute chart's 200MA will soon arrive in the area of price action and catalyze the next price wave. This analysis is provided by xbt.social with a 3 hour delay. Read the full…

Ongoing Bitcoin price correction after an advancing wave from $220 to $240. The 15-minute chart’s 200MA will soon arrive in the area of price action and catalyze the next price wave.

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: 15h00 UTC

BTC-China 15-Minute Chart

Also Read: Why The Preference For BTC-China Charts In Analysis?

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

A look at the wave count proposed in yesterday’s last BTC-China 15-minute chart shows a downside correction in progress.

The eventual count may differ from the ABC shown (for example, ABCDE) yet this is the general pattern we expect to see and the primary target is around 1420 CNY and $227, from where we will look for a suitably safe trade entry.

The red 200MA is rising to the area of price action and should arrive within hours. The faster MAs will then compress to it and eventually give a sell signal resulting in price dropping to support at $227.

A Fib extension of the first wave of the correction confirms the lower target at $227, which should happen on a strong move down.

The move lower should happen within the next 24 hours and our expected upside trade will find an entry once a base starts building from support near $230 and 1420 CNY.

What you will be looking for is a day that closes above the prior day’s high and most likely ‘breaks’ out to the upside to close above a trading range. This is the twitching worm that causes the public to leap before they look. – Larry Williams

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Summary

The target of the current price correction is around 1420 CNY and $227. Once price has reached this level, traders can look for an entry to the next wave of advance during its base building phase. As outlined in yesterday’s analysis, we anticipate a primary upside target of $270 and 1680 CNY.

Bitfinex depth chart:

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 11:06 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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