Posted in: Archive
Published:
June 8, 2015 8:23 PM UTC

Bitcoin Price – A Ship Without Rudder

The declining Bitcoin price wave of the past two days looks incomplete and it has achieved neither a double bottom nor a significant price low to give us confidence that a larger trend reversal is underway. Instead, the market has chosen to trade price higher,…

The declining Bitcoin price wave of the past two days looks incomplete and it has achieved neither a double bottom nor a significant price low to give us confidence that a larger trend reversal is underway. Instead, the market has chosen to trade price higher, but is doing so with little conviction.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis


Time of analysis: 16h58 UTC

Bitfinex 15-Minute Chart

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

The scenario that was outlined since the middle of last week now transpires. The lack of a conclusive low has the market trading the price wave higher on a 20MA crossover of the 50MA in the 4-hour chart.

Price has less range in the current area of the chart, so we may see $231 (at the orange 100MA) and – if the move accelerates – a reach to the red 200MA at $235. The equivalent levels for BTC-China are 1440 CNY and 1460 CNY.

Once price reaches the vicinity of the aforementioned levels, reverse divergence to the upside will be overstretched and price will have to correct back to the downside. We’d expect to see a similar reaction as witnessed at the end of May, but it is too early to anticipate such an outcome.

He that can have patience can have what he will. – Benjamin Franklin

CoinCompetition

A new round of CoinCompetition and the leaderboard features those who opened the day long. lenteracoinproject takes the lead that was held by Busie for most of the day. Radena and cryptojin hold 2nd and 3rd positions; Migga in 4th and a regular in the competition, Neolystic1 in 5th.

The outlook for additional advance may see these traders generate some good profits and their ability to time their exit and reversal just right will make or break their position in the competition this week. Good luck to all.

Join CoinCompetition and win bitcoins. Winner: 1 BTC – Runner-Up: 0.25 BTC

Summary

The market is not trading with conviction and both upside and downside moves have lacked momentum for the past week. This is a market condition and fits with the overall view of consolidation that has been suggested for several months. Unless there is some extraneous influence that ramps up volatility, the condition is likely to persist for some time. Sometimes it’s best to simply stay out of the market and wait for an opportunity.

Bitfinex orderbook depth and Buy/Sell Volume:

Click here for the CCN interactive price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

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Disclaimer

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.

Bitcoin price charts from TradingView.
Images from Shutterstock.

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Last modified: January 25, 2020 11:05 PM 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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