Posted in: Archive
Published:
May 10, 2015 10:21 PM UTC

Bitcoin Price Hesitates on Direction

Not sure what this Bitcoin price wave is doing... It had reverse diverged strongly to the downside and may be complete. But what exactly it is that had completed is not clear... This analysis is provided by xbt.social with a 3 hour delay. Read the…

Not sure what this Bitcoin price wave is doing… It had reverse diverged strongly to the downside and may be complete. But what exactly it is that had completed is not clear…

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: 16h25 UTC

BTC-China 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

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

An evident wave count is contradicted by the MACD indicator. As often pointed out, we find the highest MACD reading on wave iii of any impulsive move. Here we have a higher reading on wave v. Possibly, the entire structure is an ABC structure and not i-ii-iii-iv-v, but that wave immediately following the low earlier in the weak has the reactivity and volume of a first wave…

The wave labeled ‘b’, has a typical ending diagonal look about it which may mean that is actually wave v of the sequence, and we have only just completed wave a to the downside. Lots of questions about this last advancing wave and no answers from the chart. We have to sit and wait.

CoinCompetition

Coinarch solved their technical challenges and the leaderboard shows vigorous trade activity by Neolystic1, Diabolicus and Outlander – the smell of brain cells frying hangs in the air. Boem and Redrob1551 could be the consensus winners by generating most profits by fewest trades.

The action of frenetically hitting buy and sell on each subwave may make the trader look like a “hard worker” and a hard worker s/he may be, but s/he needn’t do that to generate a lot of profit. It’s not the smart way of getting ahead. Smart trade, in the end, is more patience and less sweating. It would not be a surprize if the competition winner ends up having fewer trades than the runner-up.

xbt.social member sways consensus:

Join CoinCompetition and win 5 bitcoins.

Summary

Bitcoin price is undulating around the $242.50 and 1500 CNY price level. As had happened so often in the past, the reactions strongly outweigh the induction factors, and we’re left wondering about the eventual outcome. Sometimes the chart technicals say nothing about what is happening and today is one of those days.

Bitfinex Orderbook and Buy/Sell Volume:

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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