Bitcoin price found support at $430 (Bitstamp) and 2875 CNY during the past two days. Price action remains directionless with eager profit taking on any move higher, and yet, buyers have prevented a new low in the chart.
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.
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
We have a potential bullish chart condition: a 15-minute xbt.social buy signal is forming, and the 1-hour chart is advancing too.
But even so, the current chart does not inspire confidence: a new high has yet to print, and sellers continue placing large profit-taking orders just above the current area of price action.
Despite a 15-minute xbt.social buy signal, the indicators at the 1-hour timeframes are overbought. We’ve had successful trades throughout November and December and the prudent approach, at this time, could be caution of over-milking the cash cow.
The risk, as always, is that a rally ignites in the bitcoin chart. Given the thin, illiquid holiday market conditions, simply holding 50:50 allocation (BTC vs fiat) is a sufficient strategy for gaining from any potential rise in price – rather than actively trading at leverage.
Bitcoin trade remains sluggish as general market activity slows into the holiday season. Consolidation into year-end should see more favorable price moves develop into the new year.
Click here for the CCN.LA interactive bitcoin 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.
Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.
Disclaimer
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.