Posted in: Archive
Published:
April 29, 2015 9:37 PM UTC

Bitcoin Price Holding Steady Below Long-Term Support

Bitcoin price is maintaining the same level trajectory it held at the time of yesterday's analysis. The market has entered a consolidative phase, and there are two potential paths for price: one is up, and the other is, well... CoinCompetition invited participants in the upcoming…

Bitcoin price is maintaining the same level trajectory it held at the time of yesterday’s analysis. The market has entered a consolidative phase, and there are two potential paths for price: one is up, and the other is, well… CoinCompetition invited participants in the upcoming trading competition to test drive the new CoinArch demo platform – the competition’s chosen trading interface.

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: 15h51 UTC

BTC-e 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

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

The BTC-e chart’s Hulk-like right arm is a sign that all is not as it appears in the market. Below the seemingly calm price waves, there is a lot of contained pressure, and it has the potential to explode out of this chart area.

xbt.social members assess the upside prospects:

CoinCompetition

The new CoinArch demo platform is easy to use and intuitive. Several automated walkthroughs accompany the first-time user through common tasks, such as navigating the website and placing trades.

The CoinArch demo platform will be the interface used by competing traders in CoinCompetition’s 1 May trading showdown. Prospective participants can sign up for a free demo account to familiarize themselves with CoinArch’s trading facilities and account options.

Join CoinCompetition and win 5 bitcoins. Start: May 1st.

Summary

Bitcoin price is consolidating prior to a breakout. Breakout to the downside seems the obvious route, but even based on gut-feel, continued downside to $100 and lower seems implausible, if not contrary to the principle of supply-and-demand. xbt.social is positioning to trade a breakout to the upside with a clean entry and defined price targets.

Bitfinex 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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Readers can follow Bitcoin price analysis updates every day on CCN.

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.

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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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