Bitcoin price is drawing sideways along a Fibonacci Fan line. While it would be highly beneficial to know the market’s next directional move from the current juncture, it is just one of those times in the chart where even the market does not know what it will do next.
Bitcoin Price Analysis
Time of analysis: 07h46 UTC
Bitfinex 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
The 15-minute Bitfinex chart shows the market is following a Fibonacci fan line (originating at the advance’s base) that had served as a launchpad for the last wave of advance to near $320.
The 15-minute 200MA is now descending into the sideways path of price and will force the market to choose a direction. Getting above the 200MA may see the base of the next advancing wave being built, while a drop below the 200MA and the pivotal Fib line will see decline to our previously stated targets at $262 and $250.
It is likely that the $280 level of the 1-hour chart’s 200MA should be an obstacle to immediate decline and instead of guessing which direction the market will choose, at the current juncture, we wait for a pause at $280 as a convenient entry into the decline.
xbt.social member “L” is our resident Elliott Wave specialist:
He that can have patience can have what he will. – Benjamin Franklin
A crystal ball couldn’t be more useful than at the current juncture of price just below $300. Knowing which way the market will choose at the outcome of the current sideways pause would allow traders to take position. To the downside lies a profitable decline with last-chance buying at the bottom ($230-$250). To the upside lies clear chart skies with room for price to rapidly advance to $400 and beyond. The profit potential of the current chart is directly proportional to its potential risks, so the most prudent course of action is: no action. Patience.
Bitfinex orderbook depth and Buy/Sell Volume:
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Bitcoin price charts from TradingView.
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