Posted in: Archive
Published:
June 4, 2015 11:49 PM UTC

Bitcoin Price Winding in Correction

Slow Bitcoin price action is making neither new highs nor new lows. The BTC-e chart has been plotting a low volatility course near $227 for a few days. At $228.75 price had retraced 38.2% (a Fibonacci ratio) of the recent third wave of decline. The…

Slow Bitcoin price action is making neither new highs nor new lows. The BTC-e chart has been plotting a low volatility course near $227 for a few days. At $228.75 price had retraced 38.2% (a Fibonacci ratio) of the recent third wave of decline. The other exchanges have been more animated but are not plotting advance.

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Bitcoin Price Analysis


Time of analysis: 16h38 UTC

Bitstamp 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

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

At the time of writing, price is pushing higher across the exchanges. In favor of additional advance is the fact that price is now above both the 20MA and 200MA and that the 200MA is ascending. Opposing advance, the indicators are approaching the upper end of their ranges with both MACD and RSI touching their upper Bollinger Bands and the stochastics grouping at 100 – overbought territory.

The slow pace of price action means we might have to wait until the weekend for a decisive move to happen in the chart.

In the stockmarket – time is not money – time is time ­and money is money. Often money that is just sitting can later be moved into the right situation at the right time and make a vast fortune – patience – patience. – Jesse Livermore

CoinCompetition

All but one of the participants in the leaderboard are now holding trade positions. Siexpert keeps the lead and kaymuddin has made good progress to second place with a long position, no doubt.

Winner and Fijibound are both in the rankings with the former holding BTC while awaiting direction. Let’s hope Friday’s futures expiry generates some chart movement, else the weekend may provide the trade that allows the field to compete.

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Summary

For now, price is slowly making headway in what looks to be corrective wave 4. Meanwhile, analyses popping up at TradingView and elsewhere are projecting sub-$200 targets. We cannot be sure where the low will be found, and ongoing discussion regarding the downside targets have made mention of $195 and $180. Regardless, it only makes sense to start considering sub-$200 targets after $200 has been breached, and for $200 to come into focus, two support floors at $215 and then $210 need to be challenged.

The Bitstamp orderbook depth is an inverse picture of the Bitfinex orderbook where buying support is strong below price.

Click here for the CCN interactive price chart.

What do readers think? Please comment below.

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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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