Bitcoin Price Scraping The Bottom

Posted in: Archive
August 24, 2015 6:24 PM UTC

Bitcoin price has decreased in range and volatility as the XT cult and bitcoin sceptics continue selling hopelessly into the support floor. Without institutional support, the move cannot pull to lower lows. We have to wait for the doldrums to subside on their own. This…

Bitcoin price has decreased in range and volatility as the XT cult and bitcoin sceptics continue selling hopelessly into the support floor. Without institutional support, the move cannot pull to lower lows. We have to wait for the doldrums to subside on their own.

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Bitcoin Price Analysis

Time of analysis: 15h08 UTC

Bitstamp 1-Hour Chart

From the analysis pages of xbt.social, earlier today:

Little change in price action and our outlook has now shifted from an expectation of a bounce into advance the support floor, to one of gradual decline through support.

Support levels correspond to the Fib lines in the chart above: $220 (breached), $215, $210, $205 and $200.

A Fib extension from the the recent top highlights $205 as a likely target, although this may not be the reversal point. Below $200 there is still $187 and $160.

Until there is a clear price direction evident, it is best to remain out of the market because it is difficult to know at which support level the market might reverse strongly

Patience here, there is nothing to trade safely or profitably in the bitcoin chart at this moment.

I don’t want to achieve immortality through my work… I want to achieve it through not dying. – Woody Allen

Summary

There is little to say about price action today. It is both flat and boring and the only prompt we have to action will be when we see a move leaving the $220-$236 range. For now it appears that a move lower, to $205 (Bitstamp) is underway but price may reverse sooner or spike below, trigger strong buy orders and return above $200. An unpredictable move is underway.

Bitfinex orderbook depth and Buy/Sell Volume:

Click here for the CCN.LA interactive bitcoin price chart.

What do readers think? Please comment below.

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Disclaimer

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.
Image from Shutterstock.

Last modified: May 21, 2020 11:02 AM UTC

Venzen Khaosan @venzen

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.

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