Bitcoin price remains above $440 after retreating from $450 earlier in the day. The market has not managed a higher high this week, and decline seems evident for the first time in months.
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
Thinking about the possibility of decline, there are a few potential levels that the market may target in the chart.
Price has spent several months above its 1-day 200MA, so a return to this level ($400) seems inevitable. The nearby $370 level could also be an attractive demand zone, but if a strong sell-off should grip the market we could see $300 – the primary S&R level during 2015.
The momentum indicators in the 1-hour chart (above) are for the most part positioned at their neutral positions, and price seems to be holding above the rising long-term supporting trendline currently at $442 (light blue).
Earlier this week, a certain Craig Wright claimed via the BCC and the Economist that he is Bitcoin’s creator, Satoshi Nakamoto. Strangely, the claimant refuses to perform the most rudimentary verification which is to sign an independent message with a private key (Bitcoin or PGP) belonging to Satoshi Nakamoto.
The market appears to be unhappy about his awkward appearance on the scene. Yesterday, when technical proofs debunking his claims began emerging, the market embarked on a brief relief rally. However, today, Craig Wright announced that he will be spending early bitcoins to backup the claim that he is Satoshi Nakamoto. Uncertainty and expectation hangs over the market, and the concerned mood biases trade toward selling.
Bitcoin price remains inside the area of a contracting triangle and could retest its lower trendline today, amid uncertainty in the Bitcoin ecosystem. Contention around the identity of Satoshi Nakamoto is at the forefront of public attention and the present claimant does not inspire confidence among many Bitcoin users.
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Bitcoin price charts from TradingView.
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