Posted in: Archive
Published:
June 3, 2015 1:53 PM UTC

Bitcoin Price Near Support Floor

The Bitcoin price chart can do impossible things and that it why we love it. Each and every Bitcoin speculator has an inner-vision of another spectacular rally, and of them holding bitcoins all the way up! While we wait for that rally, the chart makes…

The Bitcoin price chart can do impossible things and that it why we love it. Each and every Bitcoin speculator has an inner-vision of another spectacular rally, and of them holding bitcoins all the way up! While we wait for that rally, the chart makes fools of you and I. A move higher today, threatens to turn back down – but not too far. We look for targets.

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: 11h35 UTC

Bitstamp 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

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

The Bitstamp chart shows Fibonacci extension targets near $220 and $210. Percentage-wise, Bitstamp has not declined to the same extent as most of the other exchanges because its price has been depressed since the advent of price action between $220 and $250. Some of the other exchange targets are:

Bitfinex: $215 and $207

OKCoin (1 week): $214 and $205

BTC-China: 1360 CNY and 1320 CNY

Traders should be mindful not to be greedy for downside: close positions early and in good time. You do not want to be holding the bag when price reverses from the end of wave 5, whether that’s at $220, $215 or $205. The temptation to hold short for one more wave, and then one more wave can see the trader end up losing account funds from a position that was in profit just minutes earlier.

The merchant has no country. – Thomas Jefferson

CoinCompetition

On day 3 of this week’s CoinCompetition, most traders are holding open positions. Siexpert, in the lead since yesterday, has opted for a cash position until there is more clarity about direction.

The strategy makes sense: another wave of decline has an unknown target – it may throw shallow or deep, but we are close to this year’s support floor. Once price does turn up, the tell-tale signs of advance will flash in the chart and going long with some confirmations of advance in hand poses less risk of the trade moving against you.

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Summary

Once we see decline below $220 and 1375 CNY we can be more confident that the final price wave (wave 5) is underway – it should target around $215 (Bitfinex) but the way things have been going in this market, $210 or a spike down to $200 will not surprise. If price action were to defy the chart technicals that require another wave of decline, then advance will break (and hold) above $230 and herald the next advancing price wave back to the vicinity of $240.

Bitstamp orderbook depth and Buy/Sell Volume shows the bulls and bears in a fierce contest for dominance near the consolidation low.

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.

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Last modified: January 25, 2020 11:05 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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