Bitcoin price continues sideways trade in a narrowing range. Like most of this week’s analysis, today’s update presents no new information for regular readers, although incidental readers may be interested in the matter-of-fact commentary below.
Time of analysis: 15h10 UTC
From the analysis pages of xbt.social, earlier today:
Price is pushing higher within the defined range and now might be a good time to get out of the opportunistic long position suggested earlier in the week.
The move may still continue higher but is unlikely to fling to new heights or embark on a rally. If price will begin a rally from the current position then we’d expect to see it make a new high, pull back to a higher low, push to another new high, etc. Price action has not done any such thing for almost two weeks and will have to convince us of any intention of starting a larger move today.
For now we keep the declining scenario as the most likely outcome (as per our xbt.social Trade Recommendation in planning), but even this possibility may take a while to kick into gear.
Nothing is so exhausting as indecision, and nothing is so futile. – Bertrand Russell
As mentioned for most of the week, the bitcoin exchange price market has spent its energy after a terrific five year show. The next chapter in the price chart is unlikely to come from this tiny market market with its few played-out participants and low liquidity. Instead, global events may inject the energy needed to move this price chart in the coming months.
Bitfinex orderbook depth and Buy/Sell Volume:
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.