Bitcoin price holds steady and the reward halving has not seen any surprises in the mining sector. Price seems to be preparing for advance – not today – so, time to do something else than check the bitcoin price chart like a squirrel for nuts!
Time of analysis: 13h00 UTC
From the analysis pages of xbt.social, earlier today:
The “halvening” caused no immediate fireworks, other than the sharp drop a few blocks prior to the event. Yet, we did not see a new low and price is holding a sideways path.
The price wave since last week’s low has a look of consolidation about it. However, we won’t base any trades on such a tea-leaf reading: there is currently no clear signal to either direction in the 4hr chart above. In fact, the Bollinger Band compression around MACD (magenta arrows) suggests ongoing consolidation.
If price is indeed consolidating, then it will need to make a few additional downward waves. The Fib line cutting through the chart seems to have influence and is holding price down at the time of writing. Eventually, as the pattern goes, we could see the low $600s again, prior to advance.
If decline intensifies, below $600 and according to the scenarios we explored toward the end of the week, then we should get a signal for such a move.
Remember that any advancing price wave will need to surmount $680 (blue layer)before it is considered safe to trade.
The mighty oak from an acorn does grow.
Bitcoin price is consolidating at $650 following the block reward halving. A small-block reward halving, mind you, and we now have largely scalable blockchain. Bitcoin users can expect rising miners’ fees, and – if the chart is consolidating for advance – a rising bitcoin price in the coming weeks and years.
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Bitcoin price charts from TradingView.
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Last modified: July 10, 2016 18:23 UTC