Posted in: Archive
Published:
May 16, 2015 6:53 PM UTC

Bitcoin Price Won’t Budge

Bitcoin price has been a source of frustration lately. Sometimes traders might get the impression that the market is toying with them: self-evident wave patterns refuse to unfold as they usually do, and each price turn more bizarre than the one before. Some say this…

Bitcoin price has been a source of frustration lately. Sometimes traders might get the impression that the market is toying with them: self-evident wave patterns refuse to unfold as they usually do, and each price turn more bizarre than the one before. Some say this is the nature of markets – and of the Bitcoin speculative market, too.

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: 16h31 UTC

Bitfinex 15-Minute Chart

Also Read:Why The Preference For BTC-China Charts In Analysis?

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

The above chart is a local 15-minute candle view of the past few days’ price action. The long-term Bitcoin price chart is making a similar transition from decline to advance at a larger fractal level (wave degree).

Unlike most stock market and forex charts, the transition isn’t a sharp low followed by a roaring advance. Instead, Bitcoin follows the commodity chart pattern of entering consolidation periods prior to larger advances.

This is what we have been seeing in the chart during the past five months and here, near its end, it is grinding slower than ever.

Patience. It is coldest in the hour just before dawn.

xbt.social discussion turns to the subject of collusion in the Bitcoin market:

CoinCompetition

Fijibound keeps the No.1 place while holding that timely 100% cash position. Camille, who was first mentioned yesterday for his odd weighting of BTC vs. USD, jumps into second place.

Diabolicus and bitmaster30, both holding short positions, no doubt, have dropped from higher positions as the Bitfinex price rose today.

The rest of the leaderboard have done an excellent job of maintaining positions. Yes, price has changed little in the past few days, but at this stage of the competition, one wrong move can see you out of the leaderboard for good. Well Done and Good Luck to all.

Two hundred thousand dollars is a lot of money. We’re gonna have to earn it. – Blondie (The Good, The Bad and The Ugly)

Join CoinCompetition today and win 5 bitcoins. New entrants welcome.

Summary

Bitcoin price is trading sideways. Downside is not manifesting, and upside is hampered by strong resistance. What is about to happen in the chart is anyone’s guess. This analyst forecasts lower before higher.

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 11:06 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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