The market rallied to upside resistance and returned Bitcoin price to $240 (Bitfinex) while BTC-China made a new advance high near 1477 CNY. Later in the day, a steep and persistent drop retraced the entire ending diagonal as CoinCompetition traders cashed in on the whip-sawing price waves.
From the analysis pages of xbt.social, earlier today:
The charts speak for themselves. BTC-China had made a marginal higher high on a B wave, which attests to the strong bullish sentiment in the market. The subsequent crash was also faster than expected as excitable traders took profit and almost ruined my CoinCompetition account.
As we’ve been speculating for a few days, and mentioned by [xbt.social member F] in commentary, there is a definite structural similarity between this wave and the previous wave of the 22nd of April. Where there must be a difference is in function – it is rare (to non-existent) to find two identical waves in succession – so the two waves under discussion must have some transient similarity that will disappear as soon as the current wave fulfills its function in the larger structure that is unfolding.
This analyst’s sense is that the current wave could surprise by pushing higher in the chart. The upside resistance seems impossible, but if this wave returns to the support floor, we will have two identical waves with two identical functions in succession and this is contrary to wave principle research that states that waves typically alternate form and function. If the current wave does not push higher, then it may unfold some other variation, but curving all the way back down, like its predecessor, is highly unlikely.
CoinCompetition got off to an adrenalized start, today, as signing-in traders, joined the upside rally. A sharp and persistent drop, a few hours later, jockeyed the leaderboard and there is no telling who’s a strategist and who’s just being lucky right now:
CoinCompetition is a collaboration between CryptoCoinsNews, CoinArch and xbt.social – not negotiated by your’s truly – but brokered by newsman and Bitcoin entrepreneur, David Parker. Few had realized the myriad opportunities unlocked by the blockchain innovation, and David Parker initially stepped up to the challenge of providing cryptocurrency news. Next, the Bitcoin speculative market’s need for independently hosted analysis and trading collaboration was provided with xbt.social. Today, a multi-partner trading showdown has been added to the Bitcoin story. Good luck to the partners and competitors!
Fortunately, neither analysts nor readers need develop analytical headaches about where the current price wave is headed. We are back in a market mode where hesitancy has subsided, and price is, once again, achieving targets and where the wave forms and MA alignments are both recognizable and meaningful. They will show us the way, we just have to wait.
Bitfinex Buy/Sell Volume shows more buying than the charts do!
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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.
Last modified: July 12, 2015 18:54 UTC