Bitcoin price has faked advance, and now proceeds to retest the consolidation zone near $570 (Bitstamp).
Time of analysis: 13h00 UTC Tuesday
From the analysis pages of xbt.social, earlier today:
For traders to get themselves in profitable trades, they only need to follow a method and apply the required discipline to stick to their method. And then, evidently, sometimes you have to defy the method! What a life.
At xbt,social we saw powerful bullish signals forming in the intermediate timeframe charts, during the past week, but decided on $600 as the trigger to entry. Precisely because the bitcoin market fakes-out prior to advance.
The chart signals have been out of sync during the past week – with larger timeframe indicator buy signals not being confirmed by their smaller timeframe companions making concurrent signals.
If the market was rushing into a rally then it would have attacked that decending 4hr 200MA with more energy. Historically, the larger advancing moves yield profit above the 200MA (magenta arrows).
The buyers have temporarily lost will power and many may be turning to selling. This is not yet the advance and traders need to sit tight for a few days.
Bitcoin price has fallen from an attempt on $600 – without reaching $600. Most participants in this market are keen on new highs, but the active buyers are nervously taking profit. Uncertain psychological states don’t rally. Patience. The time to trade will be blatantly obvious.
What do readers think? Please comment below.
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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.
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Last modified (UTC): August 23, 2016 17:34