Bitcoin Price Slowdown Decelerates To The Upside

Today's move up appears to have reacted to compound divergence caused during the last few waves of decline. Bitcoin price is currently advancing above both the 20MA and 200MA in the 4-hour chart and this is a bullish sign, but it seems to have a ceiling below $250.

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Bitcoin Value and Price Analysis


Time of analysis: 16h57 UTC

OKCoin 4-Hour Chart

OKCoin 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

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

Price had stalled and although buyers were still coming in, price just wouldn’t advance beyond the 1-hour 200MA. A correction lower, and let’s see where it finds support before the next wave up. Price is behaving in a bullish fashion, but remember that the overhead trendline resistance is just $5 or $6 overhead. Unless there is some miraculous breach and a fever-pitch rally beyond $250 – at the moment we face the prospect of price turning down again after this slow upturn.

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CoinCOmpetition

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Outlander is wearing out that mouse button: opening, unwinding and reopening trades. Good work, Outlander, but if I was a betting man (which I most definitely am) I would put my money on kaymuddin or the resurrected Boem! Less is more, every time.

Fijibound has been imagining himself and the pina coladas under the palmtrees, but if the advance continues his lead will soon shrink and it's going to be Evian in the concrete jungle. Time to giddy-up and on your horse, cash campers!

Nothing can stop the person with the right mental attitude from achieving their goal. - Thomas Jefferson

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Summary

Whatever is occurring in the Bitcoin price chart right now, must be seen in the context of the longer-term outlook that's been outlined in these articles. Price is currently advancing after making a limp downside attempt. Where is it advancing to? We cannot be sure, but if history contains any lessons and the gradual narrowing of price range is any sign to go by, then we are in for a multi-week flatline in the Bitcoin price chart. Wait a few weeks before getting in on the gradual advance.

Bitfinex order book depth and Buy/Sell volume:

 Bitfinex depth vol 23h33 210515

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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.

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About the author

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Venzen Khaosan

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect.

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