Bitcoin Trading Bidding Price Up

August 12, 2015 18:27 UTC

Although not making strong upside progress, persistent buying is pushing bitcoin price higher. Bitstamp and Bitfinex had failed to decline to support as the rest of the exchange charts had done. Price direction will remain uncertain until more confirmations are found.

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Bitcoin Price Analysis

Time of analysis: 15h52 UTC

Bitstamp 4-Hour Chart

From the analysis pages of, earlier today:

Price today advanced back to the previous support zone in the low $270s (Bitfinex). The CNY exchanges are grappling with their 1700 CNY psych level and the 1-hour 200MA is just overhead.

The structure of the current wave to the upside is not impulsive. In other words it is not going to keep advancing to $300 and beyond. Its structure is corrective – readers can see the zigzagging structure of the wave – especially near its base. Such choppy price action is not characteristic of an impulse wave which tends to draw large clean waves with minimal overlap (see, for example, the price waves made from $250 to $300 during July).

Yet, the size of this upside corrective wave is unusual. It no longer seems part of the preceding declining wave. This forces us to review our outlook: we have to entertain the possibility that price will not return to $250 but may either consolidate around this established $270/$275 support & resistance zone, or make a large zigzag (three subwaves) to above $280.

Why, out of all the exchanges, only Bitstamp and Bitfinex failed to decline to their 100MA remains a mystery. Either they’re still going to do so, or last Saturday’s low was truncated in these two charts. Our outlook that the decline is incomplete remains true for these two exchanges charts, but the rest – especially the yuan exchanges – are steadily pushing higher.

Taking small losses is part of the game. Taking large losses can take you out of the game. – Doug Kass


There is no recommendation to be made in the current bitcoin price chart. The yuan exchanges and futures charts are reaching for the upside, but the Bitstamp and Bitfinex charts imply a move lower is due. When in doubt, stay out.

Bitfinex orderbook depth and Buy/Sell Volume earlier today:

Click here for the CCN.LA interactive price chart.

What do readers think? Please comment below.

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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.
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Last modified: August 13, 2015 20:30 UTC


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.